Emi calculate: You can calculate EMI

You can calculate EMI for home loan, car loan, personal loan, education loan or any other fully amortizing loan using this calculator . Enter the following information in the EMI Calculator : Banks and HFCs offer myriad loan schemes to attract and retain customers and turn a profit in the competitive loan sector. The schemes vary the loan repayment methods, interest rates, interest rate types (ex: floating, fixed, dual rate) etc. Each scheme comes with its own terms & conditions and appeals to individual needs of different… Continue Reading In the rest of the post, I will consider loans where the interest rates are fixed for the entire loan. Benefits of Fixed Rate Loans over Floating Rate Loans Interest rate remains fixed for the duration of your loan. You are not bothered even if the interest rates are rising. You know your EMI for the entire duration and you can budget. Drawbacks of Fixed Rate Loans The rate of interest in a fixed rate loan is certainly higher than interest in floating rate loan. For instance, currently ... I have been paying EMI for 5 years but the principal outstanding has hardly changed. Why? This is one question that has puzzled many of us. The answer lies in understanding how loan calculations work. Most loans are Reducing Balance loans (instead of flat interest rate loans). To understand the difference between the two methods, suggest… Continue Reading