An EMI calculator is easy to use utility tool that can be used by borrowers to calculate their emi. Apart from providing usual information like loan emi, tenure, rate of interest etc, emi calculator will also provide information for a specific loan. Let us look at frequently asked questions on eni calculator –
Q1. Are calculators for for home, personal and car loan same?
Ans. At the basic level, most of the online emi calculators are same but specific emi calculators like home loan or car loan will ask for specific information for a specific loan.
Q2. What is the difference between online emi calculator and excel calculator?
Ans. There is not a lot of difference between both of them but online emi calculators are easy to use and can be used by without any technical knowledge but with excel calculators you might be required to have a little knowledge of excel programming and how excel works which cant be learnt in few days.
Q3. Will banks provide emi calculators?
Ans. Yes, these days most of the banks and NBFCs provide calculators on their website.
Q4. Why should a borrower use an online emi calculator?
Ans. A borrower must use an emi calculator as it is easy to use and gives precise information regarding your loan proposal in a matter of seconds. Moreover, online emi calculators also provide this information in easy to understand pictorial format.
Q5. Is it the same emi that I have to pay for my bank loan as it is mentioned on online emi calculator?
Ans. Assuming that banks also proceed with the same rate of interest and amount that you have entered on online emi calculator then emi would come out be same on bank’s welcome letter but if bank changes or modify any of the above parameters then your emi would change with online emi calculator.