Loan against Property India– Apnaloan.com
‘EMI’, these three letters are definitely not to be under-estimated. The letters have aroused so much interest that it ended up on the ‘big screen’ in the form of a movie called EMI few years ago.
EMI or an ‘Equated Monthly Instalment’ is the fixed amount which you have to pay as part of repayment of your fixed amount of loan taken for a definite tenure. The term has come into limelight because this is what you, as a borrower ‘pay’ to take the final possession of the asset in question or if you ‘don’t pay’, be prepared to face the music.
EMIs become even more important particularly when lending rates are subject to such frequent changes owing to macro-economic and micro-economic factors. This change not only impacts your home loan but also your car loans, personal loans and education loans. Hence your EMI too gets affected directly. That leaves you wondering how much more (sometimes even less) you need to pay. The ‘EMI Calculator’ is what which gives you all the answers.
The ‘EMI Calculator’ helps you calculate the instalment payable on monthly basis based on inputs such as the loan amount to be taken, the tenure of the loan and the rate of interest at which the loan can be obtained. Next, just press ‘Enter’ and you get your answer.
If you are taking loan for the first time, it is very important for you to know what will be your monthly liability and that you can get by using the EMI calculator.
What’s more? Some EMI calculators also show the amount of a loan instalment as well as its division into the interest and the principal component.
How is this figure important? Well, it is the concrete answer to whether you should take the loan or no. It tells you almost accurately the amount you will need to let go from your salary. Of course, you’re the best judge of whether you want to put that ‘sum’ to a more urgent purpose. Put simply, it helps you plan your finances more efficiently.
So want to know how much to pay towards you home loan? This mathematical tool will give you all the answers.