- May 13, 2020
- Posted by: Ganeshcbani
- Category: Blog
India’s credit market is steadily rising. It is the 4th largest credit industry in the world and has an annual CAGR of more than 11%. Much of these advances include short-term loans such as personal loans and credit cards. In combination, the two financial products represent 78% of all loans in India. The repayment of a loan shall include EMIs and the borrower should consider the amount of the EMI to plan its current and future finances accurately.
There are multiple online EMI calculators; you must pick an accurate EMI calculator and know how to calculate the exact amount of the EMI you are liable to pay for the loan.
How would you help with an online EMI calculator?
The number of credit accounts increased by 28 percent to 107 million at the end of FY18. CAGR is even higher.
Regardless of the type of loan you wish to use, whether it’s secure or unsecured, it is of paramount importance to know how much monthly payment you must make before using it. An EMI calculator India can be extremely helpful here.
It allows you to accurately estimate your EMI to prepare your finances accordingly. Make sure your debt-to-income ratio is less than 50% in order to optimize your loan approval opportunities.
An EMI loan calculator will save you precious time. You don’t have to do complicated, time-consuming calculations manually.
It removes the chance of a miscalculation and provides you with a precise estimate.
It is very specific to each loan type. For example, the EMI division of home loans differs from that of personal loans.
The formula for determining the amount of an EMI loan: There is a specific formula for calculating the amount of an EMI loan.
EMI = [P x R x (1+R) ^N]/ [(1+R) ^ (N-1)], where –P is principal R is interest rate N is credit; This is the basic formula used by any online credit calculator. Such variables may be introduced depending on the loan form.
How do I use the EMI Calculator?
Online calculator is easy to use and only takes a couple of seconds. Here’s how. Here’s how.
Attach the variable principal, tenure and rate of interest.
The measured EMI value is immediately shown.
Benefits of the calculator it’s totally free. Anyone can use it as often as they want at any time.
Every time our online loan calculator is 100% accurate. It is fast and instantly provides an accurate estimate.