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It doesn’t matter whether you are applying for a car loan, home loan or a personal loan; you ought to pay an Equated Monthly Installment or EMI. Well, our team provided an advanced and accurate EMI calculator that helps to calculate the monthly amount which is to be paid by the loan borrower to the bank/financial institution from where the loan is taken.
Let’s ahead to know about the EMI!
An EMI stands for Equated Monthly Installment; it is a financial term that utilized for loan repayments. In simple words, EMI is a quick and easy method to pay off any type of loan. No doubt, when an individual takes a loan from a bank or financial institute, normally the repayment of the loan is made mainly in specific monthly installments. Yes – these fixed financial installments are referred to as EMI’s. Keep in mind; the amount of EMI is based on the principal loan amount, tenure and the interest rate, our emi calculator also dependent on these factors.
Our accurate emi calculator also uses the same EMI formula for calculating (Equated Monthly Installment). If you want to calculate EMI manually, then you have to put the values in the given formula for EMI’s:
EMI Calculation Formula Is:
EMI = [P *R * (1+R) ^N] / [(1+R) ^N-1]
‘P’ is the loan amount or principal
‘N’ represents the number of monthly installments
‘R’ represents the interest rate per month – if the ‘R’ per annual is 10 %, then the value of ‘R’ will be 10/12 * 100
Additionally, you can do car loan, home loan and personal loan emi calculation with the ease of our personal loan emi calculator.
A significant and reliable EMI calculator through which the calculations have been further simplified for the loan borrowers. The tool performs calculations based on the following factors, namely loan amount, interest rate, and tenure of the loan. If you are planning to get a loan, then the above tool is an ultimate option to get an idea about the money which you’ll have to pay monthly to the bank. And, if you are already taken loan don’t to worry more, the above Equated Monthly Installment calculator can help you to have an estimate of monthly installments.
In simple words, this finance calculator helps to plan your EMI and Loan amount for a car loan, home loan, personal loan etc.
Nowadays, the banks and financial institutions in India will offer different kinds of loans to fulfill different property buying needs of the residents. Well, some banks in India offer efficient and best EMI calculator to help the borrowers to determine the equal monthly installments.
No doubt is an ultimate option for the loan applicants as it helps to calculate the monthly installments and even schedule the payments. Stick on the given steps to calculate EMI of your loan:
The benefits of knowing your home loan EMI in advance are includes:
No doubt, buying a brand new car involves several steps, so the first one is to start with a feasible budget. Our car loan EMI calculator will assist people in their decision to choose the best car that fits their budget. Usually, in India, people use this tool to get an accurate idea of how much they will be able to spend on a car.
The calculations that are given by the above tool helps you to plan your EMI when you take a loan; all the calculations are just estimations. So, before making any decision, you ought to consult with your finance expert – Good Luck!