Microfinance Group Loan Calculator
- Enter Loan Amount: Start by entering the total loan amount your group needs into the calculator.
- Input Interest Rate: Enter the annual interest rate. Rates can vary, so check rates from top NBFCs like Bajaj Finserv, Muthoot Finance, Tata Capital , HDB Finance , or government banks like State Bank of India and Bank of Baroda.
- Select Tenure: Choose the loan duration in months. Most microfinance loans from NBFCs and government banks offer flexible tenure options.
- Add Number of Members: Specify the number of group members sharing the loan. This helps divide the repayment amount among all members.
- Click Calculate: Press the “Calculate” button to process your loan details and see the results.
- View EMI: The calculator will show the monthly EMI each group member needs to pay. NBFCs like Shriram Transport Finance often offer competitive EMI options for group loans.
- Check Total Interest: See the total interest amount that will be paid over the loan period. Government banks generally have lower interest rates compared to NBFCs.
- Review Total Repayment: Find out the total amount to be repaid, including the principal and interest. Top government banks like Punjab National Bank often offer low total repayment amounts due to their competitive interest rates.
- Adjust Inputs if Needed: If the EMI is too high or low, adjust the loan amount, interest rate, or tenure to find a more suitable option. Comparing different lenders can help find the best rates.
- Plan Your Loan: Use the calculator’s results to plan your group loan repayment strategy effectively. Consider offers from NBFCs and government banks to find the best loan terms for your group’s needs.