An EMI calculator is one of the best tools in the hand of a borrower. With the help of an emi calculator you can easily calculate your monthly emi that you have to pay each month to fully repay your loan. You have different options when it comes to a emi
calculator. With these emi calculators you can easily get all the information that you need for your loan repayment for any type of loans including loan against property, home loan, personal loan etc. Let us look at the important information that an emi calculator provides for a borrower –
- EMI – EMI stands for “equated monthly installment”. These are the monthly
payments that you have to pay to repay your loan. Along with rate of interest and tenure this is the most important information from a borrower’s point of view. - Breakup of emi – Most of the online emi calculators also break emi into its two parts i.e. principal and interest. You can easily view breakup of each emi on online emi calculators.
- Remaining balance – EMI calculators would also give you information about remaining loan amount that you have to pay on a specific date. This information will help you in managing your expenses and income as you know beforehand about the loan amount that is remaining on your loan schedule.
- Amortization schedule – You have an easy access to the date on which you
have to pay your loan amount with the help of an emi calculator. - Loan paid up to date – Emi calculators would also inform you about percentage of loan that you have paid upto now and what is left to be paid.
An emi calculator is the best friend for a borrower who is going for a lending from a bank or a financial institution. It is more important for the loans of large ticker size like home loan and loan against property.
