How does the business loan calculator work?
The business loan calculator allows you to put in the details of two business loans so you can find out which loan you want to apply for. You can also just put in the details of one loan to see how much you will pay for it.
Once you've put in the details, the calculator will show you the repayments you need to make over time and the total repayments you need to make. If you're comparing two loans it will show you which one is the better option.
How do you use the business loan calculator?
To work out how much your business loan will cost you, simply adjust the following fields in the business loan calculator to represent your intended loan:
- Loan term. How long you need to repay the loan. If the repayments are too high you can adjust this after your first calculation.
- Loan amount. This is the amount you intend to borrow. If the monthly repayments are too much then you can reduce this amount on the commercial loan calculator to see how much you could save.
- Bank name. Put in the name of two lenders you're considering borrowing from to easily distinguish them.
- Fixed rate. The annual rate you're charged with the loan.
- Fixed period. How long this fixed rate stays fixed for.
- Ongoing rate. If your loan comes with a rate that comes into effect down the track (following an introductory period) this is where to enter it.
- Upfront fees. Add the establishment fee (if one is charged) here.
- Fees. If the loan comes with ongoing fees you'll need to add them here along with the frequency they're charged.
- Discharge fee. If you're charged a discharge fee for exiting your loan early you'll need to add it here.
How to use the business loan calculator to save you money
The business loan repayment calculator doesn't only show you how much your business loan will cost you; it can also show you how to reduce the amount you pay. Here are some ways to use the calculator to see if you can save money:
- 1. Reduce repayments. While this doesn't save you money in the long run, by reducing your repayments you will be able to keep money in your business for longer. This can help cash flow and can save your business money, even if you end up paying more money on your loan.
- 2. Reduce your loan term. By decreasing the amount of time you borrow the loan amount for, you may increase your repayments but you could save a considerable amount.
- 3. Compare your loan options. The best way to save money on a loan is to compare your options and find the best deal. When you're comparing you should take into account the upfront and ongoing fees of the loan as well as the interest rate.
- 4. Alter your repayments. If you have chosen a monthly repayment frequency, you may find that you can save money on interest by making repayments more frequently. If you find you need to adjust your repayments due to cash flow issues, you can use the commercial loan calculator to see what making interest-only repayments will cost you.
Business lenders you can compare
Lumi Unsecured Business Loan
- Fast approval
- No early repayment fees
- Short loan terms
100% confidential application
Lumi Unsecured Business Loan
Borrow up to $300,000 with an unsecured business loan from Lumi.
- Interest rate type: Variable
- Interest rate: from 15% p.a. to 26% p.a.
- Comparison rate: from 15.64% p.a. to 52.14% p.a.
- Establishment fee: 2.5%
- Minimum loan amount: $5,000
- Maximum loan amount: $300,000
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Since 2015, we've helped 50,000+ people find a business loan by explaining the options simply. You don't need to give us any details to use our tables. We're here to help you make a decision.
I would like to get a loan about 80,000 for taking a business – allied health clinic including psychology, podiatry, and physio.
I am planning to pay back in 2 years. please let me know how much would be the payable amount.
Thanks
Hi Pia,
Thanks for your inquiry.
The business loans available in the market you can compare with are listed above this page. Once you’ve chosen a loan from the list, you can click it to find out the details and the minimum criteria. If you think you meet the requirements, you can also click on the green “Go to site” button to submit your loan application directly from their page.
You may also refer to other business loans. I would suggest that you contact the lender to confirm your eligibility and options as well as discuss the calculation of your possible repayments. Also, please ensure you review the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.
Best regards,
Rench