How is EMI Calculated on LoanWith digital advancement in loan application process, EMI calculators have gained popularity nowadays for calculating accurate loan EMIs. Using an EMI calculator, you can easily derive the loan repayment amount and plan your monthly budget accordingly. EMI calculators are useful for different types of loans such as personal loan, home loan, education loan etc.
Calculate EMIs for personal loan up to 1.5 lakh at SimplyCash. It is a user-friendly personal loan app powered by Hero FinCorp, India’s one of the fastest growing NBFC. Now, conveniently fulfil your loan application requests, without any physical documentation. Considering the complex calculations involved in loan procedures, SimplyCash’s EMI calculator facilitates calculations of monthly instalments in minutes. Install and login to SimplyCash today and also get the benefit of customizing your loan amount and EMI.
Let’s see how is EMI calculated on loan using SimplyCash EMI Calculator:
EMI calculator functions on three variables: loan amount, tenure and interest rate. Drag the blue dot and try variations adding different inputs in the designated boxes. Get the results in seconds. Instalment decreases, if the repayment tenure is longer and the instalment amount increases, if loan is repaid over a shorter period. The interest rate is applied on the principal loan amount. Interest rate also varies from one type of loan to another. Once you have equated the monthly instalment, go ahead and apply for a personal loan.
Why Should You Use EMI Calculators?
EMI calculator is one practical tool easily available on bank/finance provider websites and personal loan apps. Loan applicants get plenty of benefits of using the EMI calculator:
- Open Access: This is not a restricted tool and can be accessed anytime and anywhere. Loan applicants don’t have to wrack their brains doing complex calculations manually.
- 100% Accurate Results: Error free calculations are done in minutes. Depending upon the correct rate of interest, accurate EMI results are derived at just one click.
- Saves Your Time: Time is money. Save your time from using complex formulas and lengthy calculations. Try different variants of amount, tenure and interest rate to derive a suitable EMI, that fits your budget.
- Supports Financial Planning: Once you are clear about every month instalment amount, you can plan your finances in advance. The EMI tool is flexible enough to adjust the variables (tenure, interest, amount) to derive a suitable monthly instalment.
- Useful for Different Loans: EMI calculator is useful for acquiring different types of loans, home, car, education etc. There are loan specific EMI calculators also available with some credit providers.
- Simplifies Decision Making: Once a suitable EMI amount is derived, faster decision can be taken for loan application and disbursal.
SimplyCash FAQs for EMI Calculator
Q.1. How are EMI Calculators apt for Personal Loan?
A: Using an EMI calculator, you can know the exact payable amount before moving ahead for a personal loan.
Q.2. Are EMI Calculators better than calculations done on Excel Sheet?
A: Online calculators are quick and accurate. Hence, comparatively better than calculations done on an excel sheet.
Q.3. In what format do I get EMI calculator results?
A: The results are presented in an easy to understand numerical format and sometimes delivered in a pictorial format, depending upon the websites.
Q.4.How are EMIs calculated on a floating rate of interest?
A: Floating interest rates may increase or decrease with time. Check the base interest rate available and calculate the EMI.
Q.5. Which factors affect the EMI amount?
A: Principal amount, interest rate, loan tenure are the key factors that affect the EMI amount. Ensure you add the correct inputs in the EMI calculator.
SimplyCash enables real time approval of your loan application and hassle-free funds transfer simply to your bank account. Start with calculating the EMI today and proceed with making the most of SimplyCash instant loan facility. Just as the name suggests, SimplyCash personal loan app works in three simple steps – install the app, complete the application and get money in your account.