EMI also known as Equated Monthly Installment is an important component of any type of loan. It is an easy method of repaying a loan. The EMI consists of three components: loan amount, loan repayment tenure and interest rate applicable. If the interest rate of EMI is fixed then the EMI amount stays constant throughout the tenure of loan repayment. But if the loan borrower chooses flexible interest rate then the EMI amount changes every month as per the market conditions.
Before or while taking a loan, every borrower should know how much he or she will be paying as EMI to the lender every month to pay off the taken loan. To do the math of EMI correctly, borrower should right down the loan amount, loan repayment tenure and interest rate applicable on his or her loan. Accordingly, one can conclude the EMI amount. But the paper work here is too complicated and not every is that good at math. That’s why Ruloans has developed a highly efficient loan EMI calculator. By using this specially designed calculator, one can get the EMI amount details within second.
Here is a step by step guide on how to use Ruloans loan EMI calculator:
Ruloans offer 3 types of loan EMI calculator: Personal Loan EMI Calculator, Home Loan EMI Calculator and Used Car Loan EMI Calculator. You can choose any one of them by clicking on their names of via our website. Click on the loan EMI calculator link of your desire.
Add the loan amount, loan repayment tenure and interest rate applicable on your loan. You can choose these numbers by using our red scale or enter them manually on the dialogue box.
Ruloans’ loan EMI calculator calculates the numbers added by you and gives you the EMI amount immediately. You also get to know how much interest you will be paying throughout your loan tenure. Besides that you can also see the total payment amount (principal loan amount & interest) for your loan.