We have seen steady growth in the credit market in our country. It is currently holding the 4th largest credit industry globally, with a recorded CAGR of 11% year on year. It is huge! The majority of advances are short-term credit, such as personal loans and credit cards. The loan represents EMI and borrows that should be considered to plan your future and current finances accurately.
How does an Online EMI Calculator help?
The number of credit accounts has been seen higher with 28% of CAGR and has reached 107 million accounts.
Regardless of the type of loan you want, it is secured or unsecured advanced. Moreover, it is paramount, as you know how much monthly installment one can go for; before availing it. The EMI calculator in India can be immensely helpful.
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How does it help?
- It helps you estimate the EMI amount so that you can plan your finances accordingly. Ensure that the dead to Income ratio is below 50% to maximize your chances of loan approval.
- An alone EMI Calculator can save you valuable time. Hence it becomes complex manually, which can be quite a time.
- It eliminates the chances of miss calculations so that you can accurately estimate the amount of EMI.
- It is highly specific for each type of loan—for instance, personal loans or home loans.
Types of EMI Calculator
Numerous types of EMI Calculators can be used to calculate the monthly installment. Some of them are as follows:
Personal Loan
A personal loan EMI calculator can be a handy tool that calculates your monthly amount payable to the bank. You can easily calculate the EMI applicable to your loan by entering the principal amount, duration, and interest rate. You have to fall off your steps to get it done:
- Select the loan amount you want to take, which is also known as the principal amount
- Then select the tenure in months
- Now select the interest rate
- The calculator might have shown you the EMI payable total interest and total payable amount.
Recalculate anytime by changing the inputs, and you will get the calculations to be easily done.
Personal Loan EMI
You can avail a personal loan from a bank NBFC without pledging any collateral security. The loan can be avail for anything related to marriage expenses, funding a family trip, buying home appliances, or maybe for a financial emergency. The bank does not monitor how you use the personal loan. Personal loans are equated to monthly installments or EMI with a fixed interest rate. You have to repay your loan EMI on time to the bank. The personal loan EMI components are the non-payment of the principal and interest amount. A loan is preferred to other loans as it requires minor documentation, provides flexibility of usage, and takes comparability processing time. Moreover, unlike other loans, it usually has a shorter tenure ranging from the first to the fifth year.
What is a personal loan EMI Calculator?
A personal loan EMI calculator helps you calculate your EMI depending upon the principal amount duration and the interest rate. It is a quick and simple solution to pre-plan your balance for the cash inflow and outflow. A personal loan EMI calculator is a formula box that will help you calculate your EMI within a minute. Once you fill in the details, the calculator will show you the equated monthly installment you must pay to your banks to pay the loan.
Home Loan EMI Calculator
Home loans are usually huge loan amounts for a long period. Therefore they need strategic planning for the repayment. You can use a home loan EMI calculator to calculate your EMI. It is a friendly designed calculator that can help you calculate and assist the home loan EMI immediately. All you need to do is enter your loan amount, long tenure, and interest rate, and the results will be calculated easily. For a home loan, you have to calculate the amount wisely as the loan amount is huge, as well as the interest rate. Hence, avoid burdening your pocket.
Car Loan EMI Calculator
Buying a car is one of the major investment decisions that you make in your life. As a result, you may require a car loan to fund your substantial Investments. Check out the EMI calculator for car loans to calculate a precise EMI amount you can afford to pay comfortably. You need to enter the loan amount, interest rate, and tenure, and your EMI amount will easily be calculated.
Therefore, these calculators will help you not to calculate the exact amount but an estimation of what will be the EMI for the particular tenure. It helps you to plan your finances well in advance. Financial institutions usually take heavy charges on unpaid EMI. If you miss an EMI, you may have to pay extra in the future, so you must be very careful while calculating and planning your EMI sections