Loan EMI calculator Online
Loan EMI calculator Online
An equated monthly instalment (EMI) is a fixed amount that need to be paid by borrowers on month-to-month basis to pay off both interest as well as principal loan amount. The loan amount shall be paid for a longer duration range from 12 months to 360 months ( about 30 years) depending on the selected loan type and repayment period.
Typically, a loan is availed to fulfill various requirements whether it’s handling medical emergencies or overseas education, buying a house, marriage expense, starting a business and much more. Whenever it comes to availing a personal loan any other loan, EMI is a crucial factor that needs to be considered prior to approaching any lender. It contains 3 different variables include total loan amount, interest rate and loan repayment tenure.
A Personal loan calculator can be easily accessible at any financial offering website and instant loan application. It calculates EMIs in seconds as compared to manual EMI calculation using a simple formula.
Moreover, it is advisable to Loan EMI calculator Online EMI before quoting loan request, with the use of personal loan calculate, one can get a clear picture of how much money is required per month to clear the loan gradually.
By doing so, borrowers get a chance to set their budget and avail loan within their payable capacity. Below is a mathematical EMI calculation formula to know your EMI manually:
where
E = EMI
P = Principal Loan Amount
r = rate of interest calculated on a monthly basis
