Do you want to know how much monthly EMI you need to pay for a particular loan amount? If so, then this loan calculator will help you to know how much you are going to pay over a certain period of time. You can use the loan calculator before applying for a home loan or car loan or any other loan. It helps you to understand what would be the EMI and how much extra you are going to pay.
Your monthly income will determine how much of your loan will get approved. If your income is from salary, then your monthly income will be the deciding factor. In case, your income is from business or any other profession, then your annual profit will decide your loan amount.
When you opt for any loan, consider the duration of loan very carefully as it refers to the number of years for repayment. Do remember that if you are taking a loan for a longer period, then your monthly EMI will be low and on the other hand you will be paying a higher interest rate. So, depending upon the loan tenure you can easily adjust the monthly EMI. Loan calculator comes handy while calculating EMI by playing around the duration of loan payment.
Your loan application approval also depends on your Cibil credit history as well. So, always avoid defaulting while doing any transaction.
If you like this loan calculator, then kindly share it on your social network like Facebook, Twitter, and Google+.