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Our
EMI calculator is easy to use and is quick to
perform. Use our EMI calculator as a guide before
availing for any kind of loan. EMI calculator
let's you judge how affordable a loan can be for
you. Always use the calculator to get a quick
quote on your EMIs. If the quote satisfies you,
then apply accordingly. It is this simple.
• Enter the loan amount you
wish to avail in the EMI calculator.
• Then enter the loan tenure (months).
• And the rate of interest (reducing).
• Press "calculate".
• Our EMI calculator will tell you just how much
your EMI amount comes to.
Along with your EMI you also get
results like :
• total amount with interest.
• flat interest rate PA / PM.
• total interest amount.
• yearly interest amount.
And if you think the EMI is a
bit more than you can afford, you could always
re-calculate.
This time enter either less loan amount or longer
loan tenure in the calculator.
You can also continue to re-calculate until our
calculator gives you an EMI that you are satisfied
with.
Also remember to compare quotes
from different banks.
You can do this by entering the loan amount and
the rate of interest with the loan tenure of, say
bank "A". See how much it amounts to.
Then do the same again of bank "B".
Whichever suits your needs and fits your wants,
apply.
In today’s
scenario banks are coming your way with
bouquet of offer for your loan requirements.
To have a finest deal from these banks one
should ponder to following points before
cracking a deal.
Don’t be corrupted by paying high
EMIs at low rate of interest
Better compare EMIs with same tenure
And then with rate of interest
(1)Check your
reimbursement power (EMI) : You repay
the loan in equated monthly installments, or
EMI, consist of principal as well as interest
as its constituent. Since you pay an equal
amount month after Month, these payments are
called equal monthly installments. The EMI
depends on the amount of the loan, the
interest rate and the term of the loan. It Is
an unequal combination of principal repayment
and interest cost every month. In the
Beginning bank recovers their interest
payments and gradually more of the principal
repayment by the end of the loan tenure. EMI
amount should range maximum to the 40% of your
monthly income. One should consider offers
from various banks as it may differ from one
bank to another bank. Your involvement into
the process might end up in a win- win
situation for you.
(2)Market around
(Rate of interest): Today there are
many lenders in the market. Every bank is
offering loans Whether it’s a nationalized
bank, private bank or foreign bank each of
them is there in the show. Every bank offers
different rate of interest according to the
profile of the customer. So, before finalizing
a deal one should consider deals from various
banks and than come to a conclusion. And aware
of the fact that some people might mislead you
by charging high rate of interest at reducing
rate and might inform the same at flat rate of
interest. So, its always advisable to check
full detail with the banks and do better
comparison in respect of EMIs , Tenure and
rate of interest and keeping tenure as
constant with all the banks will ease your
comparison and will result in better analysis,
finally leading to a prudent decision.
(3)Tenure:
It’s one of the most important factors that
one should keep in mind while taking loan. It
refers to the no. of years for which the loan
has been taken. Longer the tenure higher will
be the interest paid and lower will be amount
of EMI to be paid and vice-a-versa. It is one
of the parameters which helps in comparing the
EMIs from different banks keeping it constant
for relationship and easing the judgment.
(4)Loan Disbursal
Time: Loan disbursal time is the
period in which loan is processed and the
customer receives the demand draft from the
bank. Disbursal time differs from one bank to
another bank. Its an important factor because
there is always a reason behind taking a loan
if the opportunity of that objective is lost
than its of no use better ask your bank the
Turn Around Time and take the loan considering
your urgency or better plan it in advance.
(5)Processing Fee,
Administrative Charges & Pre-Payment
Charges: When you Borrow, Your loan
carries other charges as well apart from
interest that may include Processing Fee which
bank charges to process your file and pays to
the processing hubs, charges may vary from
1-2% of the loan amount sanctioned by bank.
Besides this there is Pre-Payment Charges also
which loan carries for the Pre-Closure of the
Loan it’s always advisable to take loan
which has no penalty for the pre-closure of
loan because it might happen in the long-run
you have enough money to pay your debt and
thereby save interest on the same else you can
have the opportunity to get your loan
transferred at low rate of interest.
(6)Insurance
Facility: Some bank offers insurance
facility by charging small amount of premium
which is added to the EMI paid for the loan
amount and the person is insured for the
amount he has taken loan and incase something
unexpected happens. Assured amount will be
given to the bank without burdening the
members of the family.
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