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These are the various queries from the user given below:
- How much EMI they need to pay?
- What will be the total amount they pay in when ending the Loan?
- How much interest amount they will pay in that Loan period?
- How to decrease the Interest amount? etc. etc.
By using this EMI calculator they can adjust the EMI amount by increasing or decreasing the amount of loan, time spam of loan etc. as per your requirement and budget So you can say this is the main reason to develop this EMI calculator so that anyone can easily calculate the EMI for the Home Loan, Personal Loan and the Car Loan.
How EMI Calculator Works:
EMI Calculation is totally dependent on the 3 parameters given below:
- P : The loan amount or principal.
- R : The interest rate per month (if the interest rate per annum is 11%, then the rate of interest will be 11/(12 x 100)).
- N : The number of monthly installments.
The mathematical formula for calculating EMIs is: EMI = [P x R x (1+R)^N]/[(1+R)^N-1] this formula is very complex so calculation of the EMI by hand is a complex, tedious and error prone task, whereas by using our EMI calculator any one can calculate and adjust the EMI according to their requirement.
How to use the EMI Calculator:
Now I will describe how you can use the EMI Calculator, for calculating the EMI just enter the following information in the EMI Calculator:
- Put the Principal value, loan amount how much you need in rupees.
- Monthly or Yearly Loan term.
- Percentage or Rate of interest
You can also use the value slider to adjust the values in the EMI calculator. For precise values, you can type the values directly in the boxes provided there in the calculator. As soon as the values are changed using the slider (or hit the ‘tab’ key after entering the values directly in the input fields), EMI calculator will re-calculate your monthly payment EMI amount.
Types Of EMI Calculator:
We have 3 types of the loan which is offered by almost all the banks in Indian so we have developed the calculator for all these types of the loan :
Home Loan EMI Calculator this is mainly used to calculate the EMI for the Home Loan:
Car Loan EMI Calculator this is mainly used to calculate the EMI for the Car Loan:
Personal Loan EMI Calculator this is mainly used to calculate the EMI for the Car Loan:
Hope this tools will be helpful for you stay tuned for other daily life useful tools and let me know if you need any professional Magento Development / PHP development, we can surely help you, just Click on the Link and send me your requirements.
