Loans offer a great financial benefit for those who can afford it and yet may not have the means to invest a large amount at one time. Furthermore, the variety of loans available in the market makes it easier for consumers to utilise this financial aid to its full potential. Take, for example; the personal loan can be utilised for several miscellaneous requirements, whereas the car loan can be used for the purchase of a car.
However, with the application of any loan, comes the responsibility to repay the loan. While you may be able to repay the borrowed amount, you will also need to keep track of the interest rate charged on the overall amount, and how much you will be paying for it on each EMI. Moreover, you will also need to ensure that you can afford the long tenure, or ensure that your disposable income is not completely diverted to the payments of the EMI.
These are plenty of factors to consider, and yet they play an influential role in affecting your loan application decision. So how can you take all these factors into consideration when calculating the ideal loan rates and factors? The EMI calculator is one tool that can benefit you. But for the right loan, you will need to use the right calculator to calculate EMI. To ensure that you are getting an affordable and convenient EMI for the loan you will apply for; you can use any of the following EMI calculators:
Home Loan EMI calculator: One of the most popular loan applications is the home loan. As plenty of individuals purchase a home as an investment or necessity, home loan EMI calculators will go a long way to ensuring you get the best of rates. With this tool, you can calculate EMI in terms of tenure, interest rate, principal amount and even get an amortisation table of the calculated result.
Car Loan EMI calculator: After the home loan, the car loan is the next popular loan choice. The car loan can differ on various points such as the status of the car, the inclusion of ad – on, which will be calculated on the loan amount and consequently into the EMIs, not including the down payment. By using the car loan EMI calculator, you can calculate the EMI’s in terms of the principal amount, interest amount and the ideal tenure that will take to repay the borrowed amount along with the additional funds.
Personal Loan EMI calculator: The personal loan can be used for several personal uses, such as financing a wedding, a trip or even something as small as purchasing a gadget. Like the other EMI loan calculators, it can be used to calculate the ideal borrowed amount, the best interest rate suited to your needs, and the tenure which is affordable for your repayment.
While the loan options may differ in accordance with your requirements, it is best to use this tool to ensure that you are well aware of the affordability of the loan. Furthermore, you can use these loan calculators to ensure that you safe sufficient funds on a month to month basis.