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How is the EMI calculated for a MUDRA Loan?
The Micro Units Development & Refinance Agency or Mudra Loan is a government-backed financial solution under which small businesses can obtain finance to run their business operations. The government has tied up with Banks and Non-banking Financial Companies (NBFCs) to provide this facility.
As a Mudra Loan borrower, you can repay your loan in Equated Monthly Instalments (EMIs) over a specific repayment tenure at comparatively lower interest rates than those offered on regular loans. You can calculate the EMI for a Mudra Loan by entering the three main components of the loan in the Mudra Loan EMI Calculator. Thus, you need to enter the principal amount required, the interest rate levied and the loan repayment tenure to calculate the EMI.
What is a Mudra Loan EMI Calculator?
A Mudra Loan EMI Calculator is a freely available online tool that computes the EMI amount payable against your Mudra Loan. The calculator allows you to calculate the EMI amounts based on three types of Mudra Loans, i.e., Shishu, Kishor and Tarun Mudra Loans. You can find this calculator on the lender’s website. You can also use a general Mudra Loan EMI calculator available on the internet.
How does the Mudra Loan EMI Calculator work?
The Mudra Loan EMI Calculator computes monthly EMI amounts in seconds using the below formula.
EMI = P x R x (1+R) ^N / [(1+R) ^N-1]
P = Mudra Loan Amount
R = Interest rate
N = Loan tenure (in months)
While the calculator uses this same formula, it saves you the trouble and the errors associated with manual calculations.
How do you calculate your EMI using a MUDRA Loan EMI Calculator?
You can calculate your estimated EMI contributions toward your Mudra loan by following 3 simple steps:
Enter the loan amount required in the ‘Amount’ section based on the type of Mudra Loan you wish to obtain. The maximum loan you can get under Shishu, Kishor and Tarun schemes is Rs. 50,000, Rs. 5 Lakh and Rs. 10 Lakh, respectively.
Enter a reasonable interest rate in the ‘Rate of Interest’ section after checking the minimum and maximum interest rates offered by the lender value.
Select your preferred repayment tenure under ‘Loan Terms’.
Lastly, click on Submit for an instant EMI calculation.
What are the advantages of using the Mudra Loan EMI Calculator online?
Freely available: The Mudra Loan EMI Calculator is completely free, and you can use it as many times as you want.
24x7 accessible: Since the calculator is an online tool, you can access it at any given time from any internet-enabled device.
Easy-to-use: The calculator is straightforward. You just need to follow the instructions and input the values in the three tabs present in the calculator.
100% Accurate: The calculator computes the EMI amounts with 100% accuracy, leaving no room for manual calculation errors.
Easy loan management: The Mudra Loan EMI Calculator helps compute the EMI amount to suit your budget. You can easily modify the interest rates, loan amount and tenure until you arrive at an affordable EMI amount.