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 borrower 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.
The number of credit accounts is growing at an even higher CAGR of 28% and has reached 107 million accounts at the end of FY18.
Regardless of the type of loan you want to avail, be it a secured or unsecured advance, it is paramount that you know how much monthly installment you have to make before you avail it. That is where an EMI calculator India can be immensely helpful.
There is a specific formula that Professional Utilities uses to compute the EMI amount for a loan.
Where-
This is the standardized formula used by any online loan calculator. Some variables may be added based on the type of loan.
The Professional Utilities online calculator is easy-to-use and takes just a few seconds of your time. Here’s how.
Apart from the loan EMI calculator, Professional Utilities also offers other calculators as you can see below. All of them are free to use and you can use them as many times as you want.
You can use this online EMI calculator for all types of loans including personal loans, business loans, and car loans. All you need to know is the interest rate payable on the principal amount and the tenure.
To avail a loan, your debt-to-income ratio should not be more than 50%. Otherwise, the lending institution will be led to believe that you may not have the wherewithal to repay the loan.
An Equated Monthly Instalment represents a part of your principal amount and interest payable. It has to be paid until the tenure ends. Alternatively, you can settle the debt with a one-time payment.
Financial institutions levy heavy penalties on unpaid EMIs. If you miss an EMI, you may have to pay extra in the future.
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