The credit market in India is experiencing rapid growth, making it the 4th largest credit industry in the world. With a compound annual growth rate (CAGR) exceeding 11%, India’s lending sector is dominated by short-term credit products like personal loans and credit cards, which together account for 78% of total credit lending in the country.
India is now the 4th largest credit market globally, growing at over 11% CAGR. Short-term products like personal loans and credit cards dominate, accounting for 78% of total lending.
EMIs help borrowers repay loans in manageable installments. Understanding your EMI amount ensures better financial planning and avoids loan repayment stress.
Use a reliable online EMI calculator to estimate your monthly repayment, total interest, and total payable amount. It helps compare loan options and plan your finances wisely.
An EMI Calculator is a digital tool that helps you calculate the Equated Monthly Installment (EMI) you need to pay for a loan. By entering the loan amount, interest rate, and loan tenure, the calculator provides the monthly EMI along with the total interest payable and total repayment amount.
EMI is calculated using the formula:
EMI = [P × R × (1+R)^N] / [(1+R)^N – 1]
To use an EMI calculator, you need the following inputs:
These values help the calculator provide the EMI, total interest, and repayment schedule.
Yes, you can use an EMI calculator for various types of loans, including:
Just adjust the loan amount, tenure, and interest rate according to the type of loan.
Using an EMI calculator before applying for a loan helps you:
It is a crucial tool for making informed borrowing decisions.
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