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Advantages of Using an EMI Calculator for Term Loan

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Small businesses regularly need funds to meet their cash flow needs and to tap new business opportunities. The interest paid towards servicing these loans thus forms a substantial chunk of their operating costs. Equated monthly instalment, or EMI, is a popular term associated with term loan repayment, and comprises of two components—principal and interest. Term loans are generally given on reducing interest basis, which means that in the initial months, the principal component is higher as compared to the interest amount and towards the end of the loan, the situation reverses.

It helps a small business to have access to an EMI calculator for term loan so that it can comprehend clearly the expenses to be borne in servicing a business loan each month. New age FinTech companies provide a term loan EMI calculator on their websites where you can easily check the monthly expenses associated with servicing a short-term loan. Such lenders use the latest technology tools to offer short-term loans at the most competitive rates. Their easy-to-use term loan calculator helps you to calculate your monthly liability for different short-term loans. It provides details about the two components that form part of your EMI—the principal and the interest on the loan. Through a term loan calculator, you can check the amount that you have already repaid as principal and as interest through previous EMIs.

Manage Your Cash Flow Better Using EMI Calculator for Term Loan

An EMI calculator for term loan offers you a detailed scenario of the tax liability each month with a particular loan product. Knowing the amount that you have to set aside every month for repaying your term loans helps you to plan your expenses accordingly. Through an EMI calculator for term loan, you can easily determine how much principal component has been paid till date. In the event that you want to pre-pay your pending principal amount, you can also calculate how that is going to impact your remaining instalments. On the contrary, if you do not have sufficient funds to pay the instalment or you inadvertently miss an instalment, the EMI calculator for term loan can again be used to check the revised EMIs to be paid during the remaining months. This helps you to keep a tab on your business expenses and prioritise loan repayments. The EMI calculator for term loan available online can also be used to set alerts regarding upcoming payments. There are three key parameters that an EMI calculator for term loan uses to process your monthly due—principal amount, loan tenure and interest rate.

The popular formula used by an EMI calculator for term loan is:

Here,

E= Equated monthly instalment or your monthly loan repayment liability

P = Principal

r = Rate of interest per month

n = Duration of loan (in months)

Benefits of Using an Online Term Loan Calculator

The term loan calculator formula given above can be used to calculate your monthly liability manually. However, an EMI calculator for term loan available on the Web can easily be used to calculate digitally your loan liability. You simply need to input the key parameters into the EMI calculator for term loan, and in three simple steps, you will get to know the term loan liability for each month.

You can compare the term loan interest rates offered by different FinTech companies, and once you have the details, use the term loan calculator to understand your liability for each month. Also, add the processing fee and other charges that a lender normally asks for, and decide the loan tenure that you are most comfortable with. The term loan calculator provided by a FinTech lender will promptly advise you on the monthly instalment required to be paid, and will provide a fair comparison among different loan products. An EMI calculator for term loan provides a quick means of verifying the actual monthly liability attached to different loan products available for your business need.

Graphical Representation of Loan Parameters Through a Term Loan Calculator

While a key benefit of using an EMI calculator for term loan is that you can quickly compare several loan products at one place, the other benefit is that you can extrapolate loan-related information into graphs, pie charts and diagrams, and visually present them for appraisal by any key stakeholders. You can easily tinker with the various loan parameters and analyse how your loan liability will get impacted each month. By presenting the information graphically, you can promptly get feedback related to a particular loan product from other stakeholders within your business. The loan calculator provides a fair comparison of different loan products, and helps you make the right choice for your business need.

Get to Know the Right Loan Product Through a Term Loan Calculator

By now, you would be appreciative of how an EMI calculator for term loan helps you in comparing the pros and cons of loan liabilities that come attached with different business loans. Another key point to remember is that a term loan calculator lets you juxtapose various competing loan products from different lenders. Therefore, you need not rely solely on the loan advice given by ‘experts’ belonging to different lending institutions. A term loan calculator gives you the power to verify tall claims made by lending institutions, and thereby make an informed choice regarding the loan product that best suits your business need. It is the right tool to sift through the marketing rhetoric to identify the exact cost associated with a small business loan product.

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An ambassador and trained facilitator under Eco Femme (a social enterprise working towards menstrual health in south India), Sanjina is also an active member of the MHM Collective- India and Menstrual Health Alliance- India. She has conducted Menstrual Health sessions in multiple government schools adopted by Rotary District 3240 as part of their WinS project in rural Bengal. She has also delivered training of trainers on SRHR, gender, sexuality and Menstruation for Tomorrow’s Foundation, Vikramshila Education Resource Society, Nirdhan trust and Micro Finance, Tollygunj Women In Need, Paint It Red in Kolkata.

Now as an MH Fellow with YKA, she’s expanding her impressive scope of work further by launching a campaign to facilitate the process of ensuring better menstrual health and SRH services for women residing in correctional homes in West Bengal. The campaign will entail an independent study to take stalk of the present conditions of MHM in correctional homes across the state and use its findings to build public support and political will to take the necessary action.

Saurabh has been associated with YKA as a user and has consistently been writing on the issue MHM and its intersectionality with other issues in the society. Now as an MHM Fellow with YKA, he’s launched the Right to Period campaign, which aims to ensure proper execution of MHM guidelines in Delhi’s schools.

The long-term aim of the campaign is to develop an open culture where menstruation is not treated as a taboo. The campaign also seeks to hold the schools accountable for their responsibilities as an important component in the implementation of MHM policies by making adequate sanitation infrastructure and knowledge of MHM available in school premises.

Read more about his campaign.

Harshita is a psychologist and works to support people with mental health issues, particularly adolescents who are survivors of violence. Associated with the Azadi Foundation in UP, Harshita became an MHM Fellow with YKA, with the aim of promoting better menstrual health.

Her campaign #MeriMarzi aims to promote menstrual health and wellness, hygiene and facilities for female sex workers in UP. She says, “Knowledge about natural body processes is a very basic human right. And for individuals whose occupation is providing sexual services, it becomes even more important.”

Meri Marzi aims to ensure sensitised, non-discriminatory health workers for the needs of female sex workers in the Suraksha Clinics under the UPSACS (Uttar Pradesh State AIDS Control Society) program by creating more dialogues and garnering public support for the cause of sex workers’ menstrual rights. The campaign will also ensure interventions with sex workers to clear misconceptions around overall hygiene management to ensure that results flow both ways.

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MH Fellow Sabna comes with significant experience working with a range of development issues. A co-founder of Project Sakhi Saheli, which aims to combat period poverty and break menstrual taboos, Sabna has, in the past, worked on the issue of menstruation in urban slums of Delhi with women and adolescent girls. She and her team also released MenstraBook, with menstrastories and organised Menstra Tlk in the Delhi School of Social Work to create more conversations on menstruation.

With YKA MHM Fellow Vineet, Sabna launched Menstratalk, a campaign that aims to put an end to period poverty and smash menstrual taboos in society. As a start, the campaign aims to begin conversations on menstrual health with five hundred adolescents and youth in Delhi through offline platforms, and through this community mobilise support to create Period Friendly Institutions out of educational institutes in the city.

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A student from Delhi School of Social work, Vineet is a part of Project Sakhi Saheli, an initiative by the students of Delhi school of Social Work to create awareness on Menstrual Health and combat Period Poverty. Along with MHM Action Fellow Sabna, Vineet launched Menstratalk, a campaign that aims to put an end to period poverty and smash menstrual taboos in society.

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As a Youth Ki Awaaz Menstrual Health Fellow, Nitisha has started Let’s Talk Period, a campaign to mobilise young people to switch to sustainable period products. She says, “80 lakh women in Delhi use non-biodegradable sanitary products, generate 3000 tonnes of menstrual waste, that takes 500-800 years to decompose; which in turn contributes to the health issues of all menstruators, increased burden of waste management on the city and harmful living environment for all citizens.

Let’s Talk Period aims to change this by

Find out more about her campaign here.

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A former Assistant Secretary with the Ministry of Women and Child Development in West Bengal for three months, Lakshmi Bhavya has been championing the cause of menstrual hygiene in her district. By associating herself with the Lalana Campaign, a holistic menstrual hygiene awareness campaign which is conducted by the Anahat NGO, Lakshmi has been slowly breaking taboos when it comes to periods and menstrual hygiene.

A Gender Rights Activist working with the tribal and marginalized communities in india, Srilekha is a PhD scholar working on understanding body and sexuality among tribal girls, to fill the gaps in research around indigenous women and their stories. Srilekha has worked extensively at the grassroots level with community based organisations, through several advocacy initiatives around Gender, Mental Health, Menstrual Hygiene and Sexual and Reproductive Health Rights (SRHR) for the indigenous in Jharkhand, over the last 6 years.

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A Guwahati-based college student pursuing her Masters in Tata Institute of Social Sciences, Bidisha started the #BleedwithDignity campaign on the technology platform Change.org, demanding that the Government of Assam install
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