You can calculate emi for home loan, car loan, personal loan, education loan or any other fully amortizing loan using this calculator. Now, an overdraft facility can come in multiple variants Enter the amount of emi that you can pay every month, the interest rate charged by your bank and the preferred tenure, the loan amount calculator will tell you how much you can afford to borrow.
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By entering the transaction amount, interest rate, tenure, and processing fees, you can quickly determine your emi, understand the total cost of the credit card loan, and view the complete amortization schedule, including applicable gst (goods and services tax).
If you default on your loan emi, your credit card shall be suspended, and you won’t be able to use it further until you regularize your account
In additional, the penal interest of 2% (minimum 300) shall be charged. You are not bothered even if the interest rates are rising You know your emi for the entire duration and you can budget Drawbacks of fixed rate loans the rate of interest in a fixed rate loan is certainly higher than interest in floating rate loan
For instance, currently, icici bank is offering rs 50 lacs floating rate loan at 9.45%. You can use excel functions like pmt and nper or the loan calculator to get all the answers I had discussed “how loan emis are calculated and work?” in an earlier post. Impress your website visitors and customers with an emi calculator that instantly calculates the monthly payment on their home loan, personal loan or car loan
It adapts itself to the your website’s layout and user device’s screen size.
A rising repo rate translates into higher rates for new loans and higher emi for existing loans Conversely, a falling repo rate can lead to lower home loan rates. In our previous post, we discussed how an overdraft facility can score over personal loans (term loans) if your cashflow shortfalls are intermittent and short lived An overdraft facility can reduce your interest liability compared to a personal loan for such use cases
