If selecting and applying for loan is a hassle, then you can imagine the trouble that you may have to go through to manage payments. It is always a good thing to know how much amount you need to pay each month in advance. While the calculation is not complicated, it is always a good idea to use interest rate calculator. So, how exactly will you be able to find out monthly payable amount? Let’s find out
The monthly payable amount of a loan is known as EMI (Equated Monthly Installments). The principal amount combined with the interest charged on the amount is combined and then divided by the tenure of the loan (in months) to get the EMI. Each interest rate calculator is programmed to provide you the EMIs if you provide the principal amount, interest rate, and tenure of the loan. The calculator is the best way to determine the EMI, especially if you dislike mathematics.
However, if you love to solve math equations or if you cannot access the internet, then you can use the following EMI calculator formula:
EMI calculator formula = [P x R x (1+R) ^N]/[(1+R) ^N-1].
In the above equation, Principle = P, Rate of Interest = R, and number of months = N. However, you should note that there are two formulae for EMI calculation. The one provided above is the reducing balance method while the other one is called the flat interest rate method.
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Understanding the intricacies of a loan can be tough, especially if you are applying for the first time. Furthermore, you will face even more problems if the service is not good enough. Well, you do not have to worry about this if you avail a loan up to Rs. 2 lakhs from PaySense. The instructions, guidelines, requirements, procedures, etc. mentioned clearly on the website and in the mobile app. Additionally, you can also reach out to customer support that are always available to clarify any query no matter how trivial or huge. Furthermore, you can also use the interest rate calculator to determine the exact interest, EMI, and tenure that suits you the best.
Apply for Loans of upto ₹5 Lakhs easily using your phone or laptop, and pay back on low EMIs