What are the benefits of term business loans?
- The benefit of a pre-approved business loan is that it has lower term loan interest rates and higher loan amounts.
- Term loan approval takes just 59 minutes and loan amount disbursal is quick.
- The longer repayment tenure is the greatest benefit of a pre-approved business loan
How to apply for a business term loan?
To apply for a term loan, visit the official website of the lender, and fill the loan application form online. After submission lender will review and contact the applicant to proceed with the other formalities. Applicants should choose the right loan scheme as per their needs.
How to do Term Loan EMI calculated?
EMI calculators are available on all the financial websites. These can help to determine the EMI of the term loan that the applicant wants to take. There is a mathematical formula to calculate the EMI of pre-approved business loans.
EMI= P x R x (1+R)^N]/[(1+R)^ (N-1)
EMI - Monthly instalment.
- P -loan amount
- R - Rate of interest (Interest rate should be monthly)
- N - The repayment period of the loan (It should be in months).