An EMI calculator helps you know the amount of the EMIs that you will need to pay towards your Loan and helps make an informed decision. The Rokdabazaar loan EMI calculator also functions as a home loan, personal loan & car loan interest calculator, as you will be able to know the interest amount due on your home loan, in addition to the overall EMI amount, in just 3 simple steps.
1. Enter the loan amount that you wish to take.
2. Select your favored tenor.
3. Finally, put in the home loan interest rate presented on the website.
A Housing Loan EMI Calculator helps you to decide whether you can afford the financial assurance of a home loan in the long term. If you want, you can increase or decrease your EMI amount depending on the amount of loan you are taking and the time period for which you’ll be paying the EMIs. EMI stands for Equated Monthly Installment. EMI is the monthly repayment that a home loan borrower must make to repay the home loan within the specified loan tenor.
If you need a car now but, shortage with money to buy it. Don’t worry, you are not alone we are here to get you a car loan. The Car loan EMI Calculator helps you calculate the equated monthly installments (EMIs) you have to pay the lender each month till the loan is fully paid.
While planning to avail a Personal loan, you must take into account your income and your current commitments so that you can ascertain how much loan amount you can take to ensure EMIs are affordable. Being a multi-purpose loan, there is no fixed time to apply for Personal Loan. Rather you can choose personal loan for almost every requirement.
The Personal loan EMI Calculator helps you calculate the equated monthly installments (EMIs) you have to pay the lender each month till the loan is fully paid.
Calculating the EMI amount on your home loan, personal loan & car loan is quite easy. Simply enter the loan amount you wish to take, the tenor (in months, and not years) and the rate of interest, in the required fields.
EMIs formula is:
- ‘P’ represents the loan amount or principal
- ‘N’ is the number of monthly installments
- ‘R’ is the interest rate per month. Therefore, if the rate of interest per annum is 11%, then the value of ‘R’ will be 11/(12 x 100)
It should be taken into detail that EMI is calculated on the basis of fixed interest rate. However, in the case of floating interest rate, EMI varies on the basis of fundamental market rates and change in base rates.
Here are the few benefits of using EMI calculator:
1. Easy to access
2. Provide quick result
3. Save time and money spent on doing manual calculation.
4. Make loan planning easier.
The loan EMI calculator tells you about Repayment Schedule. A repayment schedule can be explained as of how your monthly EMI will be isolated between paying off principal amount and interest and what your remaining balance of loan will be at the month’s end.