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Before you apply for any loan, calculating the monthly EMI for that loan is a must. However, why use complicated excel sheets or manual calculators when you have an EMI calculator ready?
Whether you want to apply for a home loan, a car loan or a personal loan; your loan search will always be determined upon the monthly budget you have and the EMI that will be deducted every month. Gone are the days when you had to manually input the details of a loan in a excel sheet or a manual calculator. Ever since EMI calculators came into picture, getting an exact picture of your EMI every month as well as annual estimate has been easier and quicker.
What Is An EMI?
Equated Monthly Instalment or EMI, is a fixed amount that you need to pay every month for a specified time period to repay the loan. EMI is calculated based on the total principal loan amount you have borrowed and the amount of interest the bank is charging you.
What Is An EMI Calculator?
Unlike an unconventional calculator, an EMI calculator automatically calculates your loan EMI as well as a detailed view on annual interest paid as well as amount paid towards the principal loan amount. All you need to do is input the loan amount, the rate of interest charged by the bank and the loan tenure. The EMI calculator is a handy tool that quickly generates a report on your loan EMI. It is the accurate and effective way to make real-time decisions on a loan.
An EMI calculator basically provides you the loan information in three categories:
1. Standalone Interest
2. Principal Loan
3. Detailed amortization schedule
The amortization schedule is one of the special aspects of the EMI calculator as it tells you the year wise breakup of the loan, the amount of repayment that will go towards the principal amount as well as the amount towards the interest, the total payments made in a year as well as the outstanding balance.
Why to Use the EMI calculator by Letzbank.com?
Following are the advantages for the same
2. Easy and user friendly
4. Helps you to try various combinations of inputs to get the affordable EMI and tenure.
5. Tedious and time consuming task made easy.
Time consuming calculations that takes off your patience has now been simplified by letzbank .com. Thanks to the technology partners for creating such a user friendly tool for our customers to save their valuable time.