There are different types of EMI calculators, depending on the loans you plan to take. You have borrowed Rs 1 lakh for two years Take this example to understand how the EMI calculator works. Made every month, the tenure is calculated in months and not years.
The tenure of a loan refers to the total period given for the repayment of the loan. N indicates the number of years for which the loan has been taken.
Important to compare interest rates across banks before opting for a loan. The rate of interest has a direct bearing on your EMI amount hence, it is The interest rate will vary according to the type of loan taken and the lender (bank) from which This is the rate at which interest is charged on the principal loanĪmount. The higher the loan amount, the higher will The loanĪmount will depend on your need and the purpose of the loan. This is the original amount lent to you by the bank/lender. Let’s discuss these three variables in detail. Where, P, R, and N are the variables, which means the EMI value will change each time you change any of An EMI calculator is a handy tool that calculates the monthly amount payable to the lender, according to
0 kommentar(er)
