All of us dream of owning our own house and car. But not all have the financial capacity to pay for the house or the car at once. When you buy commodities like land, house, flat or car you not only own an asset but your fame and status in the community and the society also increases. The condition of the market these days is such that it is not possible for a common man to buy a home at the soaring prices. But you cannot let go of your dream just because of the fact that you do not have the lump sum amount to make the payment all at once.
In such a scenario, EMI comes to the rescue of the people belonging to the middle-income and the low-income groups and EMI calculator helps you know the amount you’ll have to keep aside for the payment.
What is EMI?
EMI an abbreviation for Equated Monthly Installment refers to the fixed payment that a borrower pays to the lender after regular intervals of time, or you can say on a fixed calendar date of every month. A person pays an EMI to pay off both the principal amount and the interest on every month so that he can pay off the complete loan amount.
Generally, people take loans for real estate purchases, homes, and cars. Then they pay the entire loan amount plus the interest payable over the years through payments in EMI.
EMI can be calculated using different methods like the flat rate method or the reducing balance method. These methods employ long and tedious formulae which are difficult to be understood by the common man who wishes to avail a loan. EMI calculator comes to the rescue in such cases. EMI calculator is an online tool which helps you to calculate the amount you will be required to pay on a monthly basis if you take the loan.
Need of loans
Loans have become a crucial part of everyone’s life. They can be a car loan, home loan, education loan, etc. With loans, we are able to achieve some of the important life goals.
Use of EMI calculator
The EMI calculator is an online tool that helps you to calculate the installments of the EMI payable on your home loan, car loan, or any other personal loan. EMI calculator asks for the following variables to calculate the EMI:
- The loan amount
- The interest rate
- The tenure (the time period in which you will repay your loan)
After entering the above-mentioned variables the EMI calculator will calculate the EMI for you within seconds.
There are many websites which provide EMI calculator free of cost. The best among them is the one provided by upwardly.com. The best thing about the EMI calculator of this website is that it has a user-friendly interface and shows the accurate results within fractions of seconds. The EMI calculator on upwardly.com provides amortization tables also along with the information about the EMI installments and the breakup of the payments. EMI calculator works for different categories of loans and is quite convenient to use. It also shows a graphic representation of the EMI installments.
Do not trouble yourself by searching for the EMI calculator everywhere on the Internet. You have reached the right place. Just use the EMI calculator on upwardly.com and experience the best results.