Loans are a very essential part of our life in the present luxurious world.We get loans for definite reasons- for buying a home, a car, or sending kids foreign for quality education and loans help us in getting a few important life goals.But with covid-19 pandemic the buying ability of customer has been decreased, due to this the borrower hold off huge payments for highly cost product and end up without purchasing the same product.This kind of issues need to have solution. When we discuss a loan the word EMI alway pops up because the amount we borrow needs to be returned to the creditor with interest.For above problem EMI is the best solution for rebuilding the buying capacity of consumers.
According to Financial Express-As an increase in digital payments platforms, it has been recorded that a clear increase of 220 percent in the transactional volume of EMI in july-2021 as compared to February 2020.This shows a growing of customers towards affordability solutions which help increase in their buying capacity. This has happened because EMIs were available only on credit cards which have a limited access in non-metro cities in the country. But with EMIs being available on debit cards, customers from tier-2 and tier-3 cities can now have thi EMI solution.
If the EMI is being a solution then few questions arise in our mind that-
- How much is the monthly payment for my loan?
- How much money can I afford to borrow?
- How long will it take to repay my loan?
- How much rate of interest would I have to pay for a product?
- How can I have low EMI?
This type of question has one solution i.e FINANCIAL LOAN CALCULATOR which is easy to use and automatic interface which provides instantaneous answers.
If you have plans to buy your dream home or car, you must be thinking how much money can you afford to repay without over budgeting yourself. It depends on how much EMI you can pay and for how much duration of time. Through the Financial Loan Calculator, you can have an idea about how much EMI you can pay each and every month then it will be easier for you to know how much you can afford. Enter the amount of EMI that you can pay every month, enter the rate of interest charged by an institution and the time, Financial Loan Calculator will precisely tell you how much you can afford to borrow.
If you plan to restructure your loan at a lower rate, you have the option to either reduce your EMI or tenure of loan. If you choose loan tenure then you can quickly estimate how much time is required to repay your restructured loan.
If you want to make partial pre-payment on an ongoing loan then you can determine how much interest the borrower can save if the borrower is interested in partial prepayment.
Nowadays it has become common these days to purchase highly cost electronic gadgets, household appliances etc using EMI installments loans.
This financial loan calculator will help you to estimate the rate of interest on such loans and also will keep you away from falling into the trap of manufacturers or sellers.
For example a borrower borrows rs 2 lakh for 1 year at the fixed rate of 10 percent annum. In these the EMI for the borrower for 12 months works out to be rs 17,583 and the monthly installment payment schedule work out as follows-
Download this app to get more tables like these and share with your neighborhood. FINANCIAL LOAN CALCULATOR