Mudra Loan Calculator
EMI Calculator for Mudra Loan in India | digicommerce.co.in
The Government of India has put in place a Scheme known as MUDRA in order to help individual entrepreneurs and small and microbusinesses to get finance without collateral. MUDRA means Micro Units Development and Refinance Agency. One can avail of term loan or apply for working capital in the form of cash credit and overdraft under the MUDRA scheme. This is ideal for individuals who wish to enter the world of online ecommerce marketplaces and for retailers to expand their operations.
Mudra loan categories
- Rs 50000 in shishu category for individuals who wish to start their business.
- Rs 50000 to Rs 5 lakhs in the Kishore category for those who have started but wish to establish their business firmly.
- Rs 5 lakhs to Rs 10 lakhs in the Tarun category for established businesses.
Loan applications have to be made to approved banks and you need to meet the requirements and then repay the loan as scheduled. For this you must know the EMI and interest you will pay for which the Digicommerce Mudra loan calculator shown here is the perfect EMI calculator. Banks decide interest rate, which again may depend on the plan, cash flow and credit score as well as tenure. Tenure may range up to 5 years.
Digicommerce helps budding entrepreneurs who wish to get started on ecommerce marketplaces to get MUDRA loans with advice and assistance in documentation. For calculation of your monthly EMI use the Mudra loan calculator shown here.
Using the Mudra loan calculator
- Enter the principal amount in the box shown against amount.
- Enter the rate of interest against Rate of interest in percentage
- Enter the loan term or duration in years and click on calculate.
- The result amount is the monthly instalment you pay to the bank.
You can use this EMI calculator to know how much money you must pay each month on a certain loan amount. By playing with the figures and duration of loan you can work out the burden on your cash flow and see if it is viable to go in for Mudra loan.
Before you take any loan you must make a project showing your expected turnover, profits and expenses to know just how much you anticipate earning and the earning should be more than the EMI to make it worthwhile. If your earnings dip below the EMI you pay out of your pocket or you can miss payments and incur penalties or action by the bank. Digicommerce will assist you in all matters related to MUDRA and ecommerce marketplace registration as well as sales.