How to Calculate Business Loan Interest
ZipLoan offers small business loans at easy to meet eligibility criteria and minimal documents. Our small business loan rates are very competitive and affordable.
Business Loan Interest Calculation
Interest cost depends on the principal amount that you have borrowed and the loan tenor for which you have availed the loan.
The basic formula to calculate the small business loan rates is:
E = P x r x (1 + r)^ ((1+r)^n-1)
E = EMI
P = principal loan amount
R = rate of interest calculated on a monthly basis
N = duration or tenor of the loan