BDC loan calculator online in Canada in 2022. How to figure out the loan yourself? A handy tool that will show whether you can pay off a loan, help you choose lending with affordable payments.
Take advantage of our loan selection system with a free credit rating check!
As a bank for entrepreneurs, BDC provides various lending solutions for Canadian business owners. Loan conditions offered by BDC vary depending on the time your company has been in business and the type of project you will finance. Businesses in operation for over 24 months can get a loan of up to $500,000 or up to 100% or even 125% financing for technology and equipment purchases.
You can apply for a business loan from BDC online by filling out an application form on the website.
To get a more clear picture of what your business loan will cost you, you can use a business loan calculator tool. This tool will help you calculate your monthly loan payment, the total payments you will make, and the interest paid throughout the loan term.
BDC has the following online calculator tools on its website:
Business loan calculator to estimate your monthly payments and the interest costs
Debt-to-asset ratio calculator to define the percentage of assets financed by creditors
Debt-to-equity ratio calculator to estimate total debt relative to the amount invested by owners
Quick ratio calculator to evaluate the company’s ability to meet immediate creditor demands
Current ratio calculator to evaluate your business’s ability to meet its short-term obligations
Net profit margin calculator to estimate the percentage of sales revenue after operating expenses, depreciation, amortization, interest, and income taxes have been paid
Return on investment calculator to evaluate the efficiency of assets used to generate income
Return on equity calculator to estimate the amount of after-tax profit generated for each dollar of equity
With a BDC loan calculator, you can get an idea of your business loan costs. Knowing the loan amount, interest rate, and term, you can calculate your monthly payment, total payments, and total interest paid throughout the loan term. These calculations will help you plan your business expenses accordingly and manage the cash flow of your company more effectively.
To calculate the costs of the BDC loan, enter the values for your loan amount, annual interest rate, and loan term (in months) into the loan calculator fields. Let’s assume you need to borrow $140,000 at a 7.5% interest rate for a 60-month term. The resulting calculations will show that your monthly payment will be $2,805.31, total payments will be $168,318.77, and total interest paid throughout the loan term will be $28,318.77.
If you have different business loan options in mind, you can compare them by adjusting the values you enter into the BDC loan calculator — the loan amount, annual interest rate, and loan term. As you adjust the figures, you will see how your monthly payment, total payments, and total interest are changing accordingly. So, you can select the business loan option that works best for you.
Remember that calculations provided by the BDC loan calculator are approximate and serve for illustration purposes only. The actual loan conditions you will get (and, consequently, your monthly payment amount) will depend on your personal credit score and the credit bureau report on your business.
BDC doesn’t share the interest rates for its business loans on the website as they are subject to approval — the bank defines the rate for each borrower individually. However, you can fill out an online business loan application form to get a quote on the interest rate. You can also use Canada’s Prime rate of 5.45% as a reference.
You can repay your BDC business loan monthly.
As a rule, longer-term loans involve a lower monthly payment amount. For example, if you borrow $100,000 at a 7.5% interest rate for a 60-month term, your monthly payment will be $2,003.79. But, if you borrow the same amount at the same rate for a 72-month term, your monthly payment will be $1,729.01.
