Skip to main content

Calculate Your Loan EMI Online with EMI Calculator



Whether a person applies for a home loan, personal loan or car loan, he/she has to pay an Equated Monthly Installment. Soon after a person chooses to apply for a loan, he/she needs to research on the types of loans available in the market. Today, banks and NBFCs offer all types of loans in the market.

As you take advance cash from the financial institutions to purchase a dream home or car, it is evident that you have to pay back the borrowed money. Further, you also need to pay the interest along with the principal loan amount. The loan is paid back in EMIs and the EMI calculator makes it easy for the applicant to calculate the monthly installments.

EMI is the fixed monthly installment paid for the loan availed on a fixed time period including interest component for the period and a contribution towards the principal loan amount. EMIs depend on various factors and three important are the rate of interest, the loan amount, and the tenure of the loan.

Types of EMI Calculators
There are numerous types of EMI calculators available for the evaluation of different kinds of loans:
  • Home Loan
  • Unsecured Business Loan
  • Personal Loan
  • Loan against Property
  • Loan against Shares
  • Machinery Loan
  • SME/MSME Loan
  • Loan for Working Professionals
How to Calculate EMI?

To calculate the EMI, you will need three variables such as the loan period, the interest rate, and the present value. The interest rate is taken as a monthly rate as installments are paid on a monthly basis. For instance, if the rate of interest is 10% then, you have to divide it by 12. Also, the tenure is supposed to be the number of months. So, if the period for loan tenure is 20 years then, the tenure is supposed to be 20x12 = 240 months. As per the calculation, the EMI on a loan of Rs 50 Lakh at 10 per cent interest rate with a time period of 20 years will be Rs 48,251.

Comments

Post a Comment

Popular posts from this blog

Avail Loan Against Property At Lowest Interest Rates

In loan against property , the loan is given in lieu of the market value of the mortgaged property (normally the amount given is 60-70% of property estimate). Though the property remains mortgaged to the bank, the owner is allowed to utilize it for private or business requirements.   Loan against property is a better option when compared with alternatives like personal loan because the rate of interest is far less in its case. Loan against property is very popular in India and is easily available with the increase in the number of banks and NBFCs in the country.                      Loan Against Property Eligibility Both salaried and businessmen can avail loan against property. The loan against property eligibility criteria are:   ·          The applicant must be an Indian citizen. ·          The a...
Post a Comment
Read more

What are the Different Types of Home Loans?

There are numerous home loan options available in the market by non-banking financial companies and national or private banks in India. To know which one will better suit your needs, it is imperative to understand each of the choices available: Home-purchase Loan A home-purchase loan is taken to procure a residential property: flat, house or bungalow. The financial institutions generally offer up to 80-85% of the market value of the house as a loan amount. The interest rate on such type of loan is either fixed, floating or hybrid. Home-construction Loan A home-construction loan is taken to cover the expenses relating to construction of a new house on a plot owned or co-owned by them. The home-construction loans application and approval process are different in certain aspects than from the easily available housing loans. This includes: The concerned land or plot should have been purchased within a year If the cost of the plot is not included in the loan amoun...
Post a Comment
Read more

Migsun Roof Ghaziabad - Buy 2BK Flats @Just 13.65 Lacs

When it comes to buying a home in metro city, it seems like a dream for a middle & lower class family. It is not possible to buy land and then construct it according to your architect in simple budget. Migsun Group makes it possible and launched Migsun Roof high rise tower apartments in Raj Nagar Extension Ghaziabad, which started from INR 13.65 Lacs onwards. As it is launched under pradhan Mantri Awas Yojna which means the registration amount will be get reverted in terms of subsidy.  The project is under construction with possession date of 2022-23 and having 1 BHK, 2 BHK and 3 BHK flats. You are not required to one time payment. Migsun roof payment plan includes small installment of total cost as per the construction update. It is located on NH-58 and well connected to Delhi and Noida routes. The amenities at Migsun Roof Ghaziabad includes swimming pool, power backup, gymnasium, security system, hospitals, educational institutions, public park, shopping mall, local ma...
Post a Comment
Read more