What is an EMI?
A loan is usually given as a lump sum, and this lump sum has to be repaid back in parts with the accumulated interest. This money which is repaid in parts every month is the EMI or Equated Monthly Installment of the loan. EMI is simply the money which you pay each month to repay the loan within the tenure of the loan.
How to use the Reliance commercial loan EMI calculator
Key-in the following 3 loan parameters to know your loan EMI:
- Loan Amount – Fill in the amount that you would like to borrow into the space provided for loan amount. For Example: Rs. 2,00,000.
- Rate of Interest (percentage) - Interest Rate applicable on the loan should be entered into the calculator in percentage.
- Tenure (years) – Select the tenure of your loan and calculate your monthly EMI by clicking on the ‘submit’ button. Reliance lets you enjoy flexible loan repayment tenure of ranging between 6 months to 4 years.
The Reliance commercial loan EMI calculator will let you calculate the loan EMI and also modify the parameters to suit your requirements and preferences. This user-friendly platform has been designed to make your EMI calculations simple and less-time consuming, giving you a lucid idea of what all the business loan repayment would entail.