The credit market in India is steadily on the rise. Be it home, car or personal loan, it always helps to fulfil the financial blockade on the road of our dreams. These loan repayments include EMIs and borrower should consider the EMI amount to accurately plan their current and future finances. There are several EMI calculators available online; one must choose an accurate EMI calculator and learn its usage to calculate the exact monthly amount they are liable to pay for a loan.
Regardless of the type of loan you want to avail of, be it a secured or unsecured advance, it is paramount that you know how much monthly instalment you have to make before you avail it. That is where an EMI calculator in India can be immensely helpful.
There is a specific formula that Groww uses to compute the EMI amount for a loan.
EMI = [P x R x (1+R) ^N]/ [(1+R) ^ (N-1)], where –
This is the standardized formula used by any online loan calculator. Some variables may be added based on the type of loan.
The Groww online calculator is easy to use and takes just a few seconds of your time. Here’s how.
Apart from the loan EMI calculator, Groww also offers other calculators as you can see below. All of them are free to use and you can use them as many times as you want.
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You can use this online EMI calculator for all types of loans including personal loans, business loans, and car loans. All you need to know is the interest rate payable on the principal amount and the tenure.
To avail of a loan, your debt-to-income ratio should not be more than 50%. Otherwise, the lending institution will be led to believe that you may not have the wherewithal to repay the loan.
An Equated Monthly Instalment represents a part of your principal amount and interest payable. It has to be paid until the tenure ends. Alternatively, you can settle the debt with a one-time payment.
Financial institutions levy heavy penalties on unpaid EMIs. If you miss an EMI, you may have to pay extra in the future.
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