It has become common these days to purchase high-end electronic gadgets, furniture and household appliances (such as fridge, TV, washing machine etc.) using installment loans. If you are planning to make a partial pre-payment on an existing loan, you can determine the remaining tenure on the outstanding principal amount using this calculator. In case you choose the latter option, you can quickly estimate how much time is required to repay your refinanced loan. If you are planning to refinance your loan at a lower rate, you have the option to either reduce your EMI or loan tenure. Read more about factors that influence the amount you can borrow. 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. If you have an idea about how much EMI you can pay every month, then it will be easier for you to know how much you can afford. It depends on how much EMI (i.e., monthly payment) you can pay and for how long. If you are planning to purchase your dream home or car, you must be wondering how much money you can afford to repay without overburdening yourself. Loan Amount Calculator / Loan Affordability Calculator Interest rates offered by different banks may vary and you will be able to quickly determine your monthly payment under all scenarios.
You can also change the start date for the EMI payment schedule. Enter the amount you wish to borrow along with the interest rate and tenure to determine your EMI. This calculator is available on the homepage of our website and is provided again here for your convenience. i.e., you are effectively paying 14.15% interest on the loan. If you pay ₹ 1600/- as processing fees for a computer worth ₹ 40,000/- under a zero percent EMI scheme with a tenure of 6 months, your loan APR is 14.15%. For the banks, it represents their internal rate of return (IRR) on the loan. Loan APR is a more complete measure that reflects the net effective cost of your loan on a yearly basis.
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Loan APR, which is expressed as a yearly percentage rate, represents the true cost of your loan after taking into account the loan interest rate plus the fees & charges that you pay when getting a loan. The loan APR factors in these one-time costs associated with borrowing. When obtaining a loan, lenders charge various kinds of non-refundable fees including processing fees and documentation charges.
Banks charge more than just the interest rate on loans. It is also important to understand the Loan APR concept before using these calculators. These four calculators aim to address all the above questions, and more, with an easy-to-use and intuitive interface that provides instantaneous answers.
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