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EMI-Calculator

Lowest Business Loan EMI per lakh

Bank Lowest EMI per lakh Max Tenure
SBI Business Loan ₹ 2,594 48 months
HDFC Bank Business Loan ₹ 2,816 48 months
ICICI Bank Business Loan ₹ 3,540 36 months
Citibank ₹ 2,432 60 months
RBL Bank ₹ 3,528 36 months
Tata Capital ₹ 2,938 48 months
Lendingkart ₹ 3,615 36 months
Bajaj Finserv ₹ 2,938 48 months
IDFC First Bank ₹ 3,819 36 months
IIFL ₹ 2,432 60 months
Bank of Maharashtra ₹ 3,442 36 months
IndusInd Bank ₹ 2,327 60 months
Kotak Bank ₹ 2,432 60 months
Fullerton India ₹ 2,834 48 months
Indifi ₹ 2,877 60 months
Neogrowth ₹ 5,065 24 months
IDBI Bank ₹ 2,237 60 months
Allahabad Bank ₹ 1,720 84 months
Yes Bank ₹ 3,528 36 months
PNB ₹ 2,257 60 months
OBC ₹ 1,733 84 months
Indian Overseas Bank ₹ 2,374 60 months
Dhan Laxmi Bank ₹ 2,270 60 months
DCB Bank ₹ 1,118 180 months
Andhra Bank ₹ 2,419 60 months
United Bank of India ₹ 2,275 60 months
Corporation Bank ₹ 1,849 84 months
Syndicate Bank ₹ 2,257 60 months
Bank of Baroda ₹ 3,423 36 months

 

As per the current rate of 13.50%, DCB Bank offers the lowest business loan EMI of Rs. 2,301 for 5 years on per lakh loan amount. The EMI can vary depending upon the interest rate, loan amount and loan tenure. Higher the loan amount, higher will be the EMI.

Factors affecting Business loan EMI

  • Loan amount – The amount you need to borrow for business expansion or purpose. Higher the loan amount, higher will be the EMI.
  • Rate of interest – The interest rate on a loan is an important determinant of the EMI. Higher the interest rate, higher will be the EMI and vice-versa.
  • Loan Tenure – Longer the loan tenure, lower the EMI. Longest loan tenure for business loan in India is 5 years.

The following table provides a comparison of EMI for a Rs. 1 lakh loan at different tenures:

For a business loan at 13.50% interest rate, the EMI per Rs. 1 lakh loan amount is as below:

Loan Tenure 2 years 3 years 5 years
EMI amount for loan amount Rs. 1 lakh at 13.50% Rs. 4,778 Rs. 3,394 Rs. 2,301
Total amount you pay back to the bank including principal and interest Rs. 1.30 Lakh Rs. 1.49 Lakh Rs. 1.94 Lakh
Interest you have to pay over loan tenure Rs. 30,414 Rs. 48,931 Rs. 94,227

 

  • At the lowest business loan rate of 13.50% for a maximum tenure of 5 years, the lowest EMI translates to Rs. 2,301 per lakh. In this case, you have to pay an interest of Rs. 94,227 on your loan amount of Rs. 1 lakh over a period of 5 years.
  • If you decide to take a loan for 2 years only, for the same rate of interest you will pay a higher EMI of Rs. 4,778 . In this scenario you pay a total interest of Rs. 30,414 on your loan amount of Rs. 1 lakh over a period of 2 years, which is less than half of what you paid for a 5 years loan.
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