This multi-purpose loan calculator can help to understand how much loan(Home/Education/Car/Personal etc.) you can sustain. It’s a simple and convenient application and is easy to operate. You can get knowledge of monthly mortgage payments, cash down payments and interest rate under different types of loan story-lines.
Suppose you are going for a home loan, you are probably making your biggest financial commitment yet. Home loan is a smart way of converting your dream of buying a home into reality, without much digging into your savings. But when it comes to paying the home loan equal monthly installments (EMIs), it’s not always easy to handle the unanticipated overheads.
The multi-purpose loan calculator is a 4-in-1 calculator that aims to answer your questions such as:
- How much is the monthly payment – aka EMI – for my loan?
- How much money can I afford to borrow?
- How long will it take to repay my loan?
- How much interest would I have to pay for an item (electronic gadgets, furniture, household appliances etc.) that I purchased under a “low EMI” scheme?
These four calculators aim to address all the above questions, and more, with an easy-to-use and intuitive interface that provides instantaneous answers.
It is also important to understand the Loan APR concept before using these calculators. Banks charge more than just the interest rate on loans. When obtaining a loan, lenders charge various kinds of non-refundable fees including processing fees and documentation charges. The loan APR factors in these one-time costs associated with borrowing. Loan APR, which is expressed as a yearly percentage rate, represents the true cost of your loan after taking into account the loan interest rate plus the fees & charges that you pay when getting a loan. Loan APR is a more complete measure that reflects the net effective cost of your loan on a yearly basis. For the banks, it represents their internal rate of return (IRR) on the loan.