1. What is EMI?

EMI (Equated Monthly Installment) is the fixed payment amount made by a borrower to a lender at a specified date each calendar month. For Grow Business personal loans, rates start at 11.00% p.a.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

• \( P \) — Principal loan amount (INR)
• \( r \) — Monthly interest rate (annual rate divided by 12 and converted to decimal)
• \( n \) — Loan tenure in months
• \( PMT \) — Monthly EMI payment (INR)

Explanation: The formula calculates the fixed payment amount that includes both principal and interest components.

3. Importance of EMI Calculation

Details: Understanding your EMI helps in financial planning, budgeting, and comparing different loan options before borrowing.

4. Using the Calculator

Tips: Enter the loan amount in INR, annual interest rate (starting at 11.00% for Grow Business loans), and loan tenure in months. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum interest rate for Grow Business personal loans?
A: The interest rates start at 11.00% per annum, but your actual rate may vary based on credit profile.

Q2: How does loan tenure affect EMI?
A: Longer tenures reduce EMI but increase total interest paid. Shorter tenures increase EMI but reduce total interest.

Q3: Are there any prepayment charges?
A: Check with Grow Business for current prepayment policies as they may vary.

Q4: What factors affect my loan eligibility?
A: Credit score, income, existing obligations, and employment stability are key factors.

Q5: Can I change my EMI amount later?
A: Some lenders offer EMI restructuring options, but this may involve additional charges.