You will definitely need an EMI Loan calculator if you are juggling between calculations for several applied loans. It does not matter what loan you applied for; using the loan EMI calculator can give the best result. Besides, the EMI Loan calculator works as a four-in-one multi-purpose loan calculator that finishes the need for different calculators for different loans. Moreover, the performance aims you can expect from this multi-purpose loan calculator such as monthly EMI payment EMI, loan affordability, duration of the loan, loan repayment, interest rate, etc.
Apart from this, using its user-friendly interface helps you calculate different EMIs for different loans. It does not matter whether you are looking for a home loan EMI calculator, Personal Loan EMI Calculator, car loan EMI calculator, housing loan EMI calculator, and even more. The other options you can get into it are:
- The HDFC home loan EMI calculator.
- SBI home loan EMI calculator.
- Business loan EMI calculator.
- Loan against property EMI calculator.
Loan EMI Calculator: APR and IRR
Are you trying to understand all these above calculators and their usage? Then, you must understand the Loan APR concept first before using these calculators. Undoubtedly, banks and lenders ask for unjustified fees and charges whenever claiming a loan. For instance, charging more than just the interest rate on loans and non-refundable fees such as processing fees and documentation charges. Therefore, here you have the loan APR factor regarding one-time costs associated with loan borrowing.
If you don’t know, Loan APR is an annual percentage rate representing your loan’s exact cost. It can only happen after taking the loan interest rate and the fees & charges into account for the loan you have applied for. Furthermore, you can understand Loan APR as a complete measure that represents the approximate cost of your loan on an annual basis. When it comes to the banks, it usually represents their internal rate of return (IRR) on the loan you claimed for.
What do you Understand about EMI Calculator?
You can directly access the EMI calculator via calculatoremi.com, where you will get different EMI calculators. And these are Home Loan EMI Calculator, Personal Loan EMI calculators, Car Loan EMI Calculator, and more. Its functionality lets you enter the amount you borrowed along with the interest rate and tenure/duration to determine the EMI that you need to pay. Moreover, it even lets you change the start date for the EMI payment schedule. On the other hand, you can quickly determine your monthly payment under all scenarios by adding the interest rates offered by different banks.
Loan Amount and Affordability Calculator
It would help if you were more careful when it comes to borrowing a loan for a bulky purchase such as a home or car. The fact is that nobody likes to overburden themselves under the over-expenses and repayment of the loan. Having an idea of repayment of EMI on a monthly basis can help you to make an idea regarding how much you can afford to pay. Therefore, all you need to do is enter the amount of EMI you can pay every month, along with the interest rate your bank charges. And also, the preferred tenure or duration then, the loan amount calculator will be able to tell you about your loan affordability that you can afford to borrow.
Loan Tenure Calculator
There is an option to reduce your EMI or loan tenure if you are planning to refinance your loan at a lower rate. Moreover, choosing the latter option lets you easily estimate the required loan repayment tenure that you need to repay your refinanced loan. In case of partial prepayment on an existing loan. Then, you can take the help of the Loan EMI Calculator to determine the remaining tenure on the principal amount.
Interest Rate Calculator
It is in trend nowadays to buy furniture, high-end electronic gadgets, and household appliances via installment loans. And we need to know about the interest rate fact for such loans before purchasing these times on low EMI payments. Therefore, you should use the Loan EMI Calculator to estimate the interest rate on such loans by entering the loan amount, EMI, and loan tenure.
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