EMI: ₹11,122/month at 12%. Min income: ₹27,805/month.
A ₹5 Lakh business loan from Federal Bank at 12% interest for 5 years will cost you ₹11,122 per month as EMI. You will pay a total interest of ₹1,67,320 over the loan tenure. The minimum monthly income needed is ₹27,805 (assuming no existing EMIs).
Federal Bank Business Loan EMI for ₹5 Lakh at 12% for 5 years is ₹11,122 per month.
You need a minimum monthly income of ₹27,805 for a ₹5 Lakh business loan from Federal Bank (at 12% rate, assuming no existing EMIs).
The total interest payable on ₹5 Lakh business loan from Federal Bank at 12% for 5 years is ₹1,67,320.
Federal Bank charges a processing fee of 1.50% + GST for Business Loan.
Federal Bank Business Loan prepayment policy: 3% of outstanding.