What is EMI ?
An equated monthly installment (EMI) is a set monthly payment provided by a borrower to a creditor on a set day, of each month. EMI apply to both interest and principal of each month, and the loan is paid off in full over some years. EMI calculator give you monthly amount to be paid to creditor.
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The credit market in India is steadily on the rise. It is currently the 4th largest credit industry in the world, recording a CAGR of over 11% year on year. A vast majority of these advances are short-term credits such as personal loans and credit cards. Combined, these two financial products account for 78% of all credit lending in India.
Loan repayments include EMIs and borrowers should consider the EMI amount to accurately plan their current and future finances.
There are several EMI calculators available online; one must choose an accurate EMI calculator and learn its usage to calculate the exact EMI amount they are liable to pay for a loan.
EMI calculator how it works ?
We have learned the meaning of an EMI, but let us now learn how it works. Flexible payment arrangements, in which the borrower might pay higher sums of his or her choosing, are not the same as EMIs. Borrowers on EMI programmes are usually only allowed to make one set payment per month.
Borrowers profit from an EMI since they know exactly how much money they will have to pay towards their loan each month, making personal financial planning easier. Lenders benefit from the loan interest, as it provides a consistent and predictable stream of income.
EMI Calculator sharemint how to use ?
Enter loan amount, interest then months and simply calculate EMI for home loan, personal loan and car loan,etc
What is no cost EMI ?
No cost EMI means you don’t have to pay any additional interest on the loan taken. As a result, you only have to pay the product’s actual price through EMIs.