Every bank of the world provide loan. Every individual doesn’t know the loan calculate. To calculate loan every bank release a system is Loan EMI Calculator. In this article we will provide 10 best bank Loan EMI Calculator.
This is personal loan EMI Calculator.
|State Bank of India
|Axis National Bank
|Kotak Mahindra Bank
|Punjab National Bank
|Bank of Boroda
|Bank of India
What is EMI?
EMI full form is Equated Monthly Installment. Shortly we known as EMI. EMI is the system of paying process. It is the process of amount payable every month to the bank or other financial company, institutions, sites etc. EMI is consists of principal amount and some time it’s added to interest amount which based on month. EMI is sometimes increase or decrease which is depends on the principal amount and the interest rate. Sometime EMI is also duration of months.
How to use EMI Calculator?
The EMI calculator is very easy to use.
Slide the principal amount bar and select the amount.
- Select the month.
- Select the interest rate.
- And click on the calculate.
After click on the calculate there will be show loan EMI per month and other details also, like how much interest money you will be paid and principal amount.
How is the personal loan EMI to be paid?
Your EMIs are due on a fixed date every month, which is notified when the loan is disbursed.
Today to repay your loan, NACH (National Automated Clearing House) mandate makes repayment almost automatic. Your EMIs directly get debited from your bank account.
What happens if personal loan EMI is not paid?
Missing your EMI payment can be lead to a big problem in the future life. Delay in payment of EMIs attracts additional interest at the rate of 2% per month, thereby increasing the total amount payable.