You must know about an EMI(Equated Monthly Installment) first before directly jumping onto the information about an EMI calculator. You can better understand an EMI as the fixed payment in this order. That a loan applicant has to pay to the lender along with interest in the form of loan repayment. Remember, the loan applicant can claim a loan from different ways such as Banks, Financial Institutes, Online Lenders, NBFCs, etc. And it all ends once you fully repay the loan within the loan tenure. When it comes to an “EMI Calculator” is an online tool that helps calculate the EMI amount that you need to pay every month.
Besides, it doesn’t matter about whatever loan you have applied for, such as Home Loan, Personal Loan, Car Loan, Business Loan, etc. Apart from EMI calculation, the Business Loan EMI Calculator also has an inbuilt GST Calculator, FD Calculator, and RD Calculator. While using an EMI calculator, you need to fill all three sliders in a box. And these are the number of months, loan amount, and interest rate. Next, you need to, via the slider you can, get an idea regarding the EMI that you need to pay monthly for the entire loan duration.
How Does the EMI Calculator Work?
The Loan Against Property EMI Calculator calculates the monthly EMI according to the inbuilt EMI formula, which is, EMI = [P x R x (1+R)^N]/[((1+R)^N-1]. Moreover, in this formula, the P, R, and N are known as variables, in which ‘P’ represents the ‘Principal Amount.’ And the rest of the others, such as R, tells about the ‘Rate of Interest,’ and N indicates the number of years or loan tenure. Follow the downward information to understand the usage of a Loan Against Property EMI Calculator precisely:
- Begin by using the slider for “Selecting Loan Amount.”
- Next, you need to select the Loan tenure. Ensure to select it into Months via a slider.
- In order to select the Interest Rate, move the slider.
- Further, by changing the input sliders, recalculate your EMI anytime.
- Remember, the EMI can be calculated instantly whenever you move the sliders.
Define Different Types of EMI Calculators
Don’t forget there are different types of EMI calculators available online. A few of them are Loan Against Property EMI Calculator, Business Loan EMI Calculator, HDFC Home Loan EMI Calculator, or Housing Loan EMI Calculator. These EMI calculators’ use depends on the loans you opt for. And can be accessed on the websites of loan lenders. So let’s get started;
- HDFC Home Loan EMI Calculator
We all are very well aware that Home loans are one of the most common loans. It has been seen that usually, Home Loans are claimed on a large principal and a longer tenure. This makes it relevant to have an HDFC Home Loan EMI Calculator to calculate all these bulky calculations easily.
- Business Loan EMI Calculator
Claiming a business loan becomes relevant if you indulge in some business start-up or business purposes. Unlike other loans, in the business loan, the borrower has to repay both the principal amount and the interest. You may have heard that the applicant has to make monthly repayments in business loans. But the applicant sometimes has to make daily, weekly, or interest-only payments. Therefore, you can use a Business Loan EMI Calculator to ease these comprehensive calculations.
Housing Loan EMI Calculator
You can better understand the Housing Loan as a guaranteed and direct loan that is used to build, buy, or improve the applicant’s permanent house. The possibility to finance these newly manufactured homes only if they are on a permanent site. Or if they are purchased from an approved contractor or dealer. You must try a Housing Loan EMI Calculator to simplify your Housing Loan calculation.
Loan Against Property EMI Calculator
The “Loan Against Property” is meant for you if you own any residential & commercial property or land registered in your name. Moreover, these loans are even known as secured loans as their property security. It would help if you switched to the “Loan Against Property EMI Calculator” to make calculations. And also, even if you want to learn more about this “Loan Against Property” loan.
How to Explain FD Calculator, GST Calculator, and RD Online Calculator 2023?
Besides the different EMI calculators, GST Calculator, FD Calculator, and RD Calculator are available. You can easily access them via a user-friendly online interface. Let’s dig more into that by following the below information:
FD Calculator
FD Calculator is an online calculator that helps calculate your fixed deposit’s maturity amount. Remember, the major things are based on the decided interest rate for a particular loan duration. Moreover, accessing the FD Calculator is easy and even helps compare different loan tenures and interest rates. Plus, it even assists you in selecting a bank and tenure that provides the highest maturity amount for fixed deposits.
RD Online Calculator 2023
Another helpful one is the “RD Calculator,” which is a “Recurring Deposits” calculator. It is known to be the helpful one that lets you earn interest on a small investment amount of money. The RD Calculator can be easily found and accessed on various banks’ and third parties websites. Using them lets you find out the amount you will receive at the maturity duration. Adding on, this RD Calculator is accessible and provides results instantly. All you need to do is to enter the relevant details, such as loan tenure, investment amount, and interest rate.
- GST Calculator
We are all very well aware of the GST calculator, which helps in calculating the Goods and Services Tax. GST tax is applied to the sellers, manufacturers, and consumers of consumer goods and services by the Indian Government at the national level. Moreover, to calculate GST tax effortlessly, you can reach different online GST calculators offered by several third-parties websites. Before making calculations via a GST calculator, you must be aware of the GST rates, including 5%, 12%, 18%, and 28%. Rather than using a GST Calculator, if you want to calculate manually? Then, you can use the GST formula, which is divided into two categories. And these are:
- Add GST: GST Amount = (Original Cost x GST%)/100Net Price = Original Cost + GST Amount
- Remove GST: GST Amount = Original Cost – [Original Cost x {100/(100+GST%)}]Net Price = Original Cost – GST Amount
