For a business, machinery serves as the lifeline. If you are looking at buying some new or previously-owned machinery for your business, then exploring a machinery loan can give you much-needed financial assistance. However, before taking a machinery loan, there may be a lot of questions that you have in your mind. And rightly so. A loan is a major responsibility. You need to weigh the pros and cons before you commit to it.
Thanks to the availability of online business loans, getting one will not be very tough. Flexible repayments, minimal paperwork, quick disbursal and affordable interest rates are features that you can expect when you opt for an online loan from Lendingkart. However, one of the first things that you may be concerned about is how much will taking a loan affect your pocket. For that too, Lendingkart has the perfect solution.
The machinery loan calculator will help you through your planning stage. The calculator is a free online tool that helps you get a fair estimate of the repayment. All you need to do is enter the required details, such as:
- The loan amount you wish to take
The calculator will give you a range from INR 1 lakh to INR 2 crores. You can scroll the bar as per your needs - The repayment tenure
You can choose between a repayment tenure of 6 months to 36 months. Here too you can scroll to see the tenure. - Rate of interest
Your prospective lender will inform you about the rate of interest. Else you can get an idea of how different rates will affect the money to be paid.
Once you enter these details, you need to click ‘Calculate’. In an instant, the calculator will display the break-up of the loan. For example, for an INR 5 lakh loan, for a tenure of 12 months, at a 10% rate of interest, you will have to pay an amount of INR 43,957, as a monthly instalment. The calculator will also display the total amount payable.
The biggest advantage of a machinery loan calculator is that you can switch between the numbers as many times as you want. For example, if a monthly is too high or too low for you, you can change the variables. For example, if you wish to reduce the monthly instalment, you can choose a longer repayment tenure. If you take the same loan for 30 months, the monthly EMI will come down to INR 18,905. However, this will raise the total amount payable.
Machinery Loan EMI Calculator: Simplifying Financial Planning
The machinery loan calculator, thus, acts as a very useful tool when planning to borrow some money. Let us see how:
- When you use an online loan calculator, you can save time and effort. All you need to do is feed the required details and click calculate! It's that simple. Instantly the EMI will be displayed.
- It helps you with accurate calculations with minimal effort. You no longer sit with a pen, paper and a calculator.
- You can take your time in making a decision. The online calculator is not just free of charge but can be used as many times as you want.
- Comparing different options becomes simpler when you use a machine loan calculator to calculate the online business loan EMI. you can see how different loan amounts/ different repayment tenures and rates of interest will affect your EMI.
All in all, using the calculator helps you in better budget management. With the calculated information, you can make well-informed decisions.
