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EMI Calculator for Home Land, Car Loan, and Personal Loan 


How Does It Work?

An EMI refers to any financial obligation, where money is lent by a lender to a debtor. The loan, in turn, becomes due and payable when the debtor has made his/her repayment. Many people are often confused about what an EMI refers to. To begin with, an EMI refers to any kind of loan agreement in which there is some sort of financial obligation that is created between the two parties. The term 'loan' here refers to the money that is borrowed and that is due and payable on the agreed terms and conditions.

These types of agreements, also known as loan calculators, are not the same as the calculators used for standard interest rates. For an EMI to be termed as a loan the repayment period needs to be at least five years. With the help of these calculators, you can estimate how much your monthly EMI would be based on the amount of money borrowed. This calculation is based on the principal amount of your loan and the amount of interest that is paid over the repayment period.

There are many different kinds of EMI calculators available for free on the Internet. These online calculators assume that the interest rate of your home loan is fifteen percent. Other calculators assume a lower interest rate of five percent. In order to use any of these free EMI calculators you simply enter the initial amount of money borrowed as well as the repayment term in the online home loan calculator. You will get your EMI amount after multiplying the initial amount of money with the repayment term in the calculator.

If your estimated EMI per month is much higher than the amount that your home loan provider gives you then you may not be eligible for a low EMI reimbursement. However, you may be eligible for a reduction in the principal amount that you have to repay. The EMI loan calculator also assumes that the borrower will pay back the principal amount only once. If the borrower pays back the principal amount twice then the EMI comes down by half.

Homeowners often borrow more money than their house allows them to repay. In such a case, they may be in real trouble when it comes to repaying the loan amount. If this is the case, then the EMI loan calculator can be very helpful for the borrower. The online calculator factors in the tenure or the time tenure in which the loan is taken. It multiplies the amount of money that the borrower has to pay back by the average tenure that is agreed upon between the two parties.

This means that the loan eligibility is based on the average tenure that the two individuals have decided upon. The calculator is very accurate if the information provided is true and if it is reasonable. It does not work well with estimates because the interest and the principal amounts tend to vary from one case to another. Hence, it makes sense to do a lot of research before arriving at a final decision.

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