31 Jul EMI Calculator – Calculate EMI on Loans

Lending and borrowing money plays an important roles to a country ‘s economic status. India is one of the largest lending industry. As per year 21-22 the lending market in India was 174.3 Lakh crore and 11% YOY growth was recorded. There is still huge potential in lending market in India. Banks were the main lenders for disbursing loans for commercial and personal purposes.  Nowadays many NFBC financial companies have emerged as lenders. NFBC sector size has increased surprisingly from 2005 to 2019 from Rs. 2,88,593 crore to 33,89,267 crore. Top NFBC companies are LIC Housing India, L & T Finance, Aditya Birla Finance, Mahindra & Mahindra Finance, Bajaj Finance etc. 

Private and Government banks are offering loans from long time.

Types of Loans:

There are two types of loans:

• Secured Loans
• Unsecured Loans

Secured Loans: Secured Loans are provided against security. Borrower is required to submit his security. 

Types of Secured Loans:

Home Loans, Vehicle Loans, Gold Loans, Loans Against property, Title Loans, Non-resource loans, Loans against Insurance Policies, Working Capital Loans , Loans against mutual funds and shares, Loan against fixed deposits

Unsecured Loans:  Unsecured loans are provided against the income or potential earning capacity of a borrower. These loans are opposite to secured loans. A borrower need not to submit security. 

Types of Unsecured Loans:

Personal loans, education loans, Short term Business loans, credit cards 

SBI is the largest public sector lender in India. Lending market size is growing exponentially in the world. Especially personal loans and credit card users are increasing rapidly. Every bank is providing credit cards to its customers.  There are various types of loans Home Loan, Vehicle Loan, Study Loan, Personal Loan. You need to know what will be EMI when you take loan. We know every lender company will let you know all these things including charges. But before applying for loan, you should know EMI to make proper budget as per your requirements. It will ease your financial management in future. This Loan EMI calculator will help you to find out EMI for your loan.

How to use EMI Calculator

We will let you know step by step for use

1. Enter your Loan amount
2. Rate of Interest
3. Enter Tenure (in months/years it completely depends upon you what you want)
4. click on calculate EMI button

On the right side, you will find results

EMI

Total Interest you will pay

Total payments you will pay (Principal+Interest)

You EMI will be affected by 3 factors : Loan amount, ROI, Tenure

These 3 are deciding factors for your EMI.