Hello friends, my name is Pravesh Kumar and this is my first article, in which I have tried to explain the mathematics of Personal Loan and EMI to you.
I know you guys are very intelligent, but still when it comes to finance, our mind boggles at that time and we are not able to solve this mystery.
I have been thinking of taking a personal loan for some time now, but since I do not have the right information about personal loan, that is why I could not take a personal loan till now.
Then I did a lot of research about him and gathered some information about him. I am going to present this information in front of you, so that if you ever have to take a loan, then he does not have any problem in taking any kind of loan .
So without taking you any more time, let me begin this article.….
In today’s era, many people take loans which they have to repay in EMI. But, there will be hardly anyone among them who tries to understand how their loan cost is converted into EMI.
Due to this attitude of theirs, they have to face many problems while taking or repaying the loan.
If, you are also thinking of taking a loan in future, then you should get the right information about all its elements like EMI calculator so that you do not have to face any kind of trouble.
EMI calculator may be a completely new term for you, which you may not have any idea about. But, now you do not need to worry about it because by reading this article you can know in detail about the loan and EMI calculator.
What is Personal Loan?
There are many types of loans, including personal loans.
As the name suggests, personal loan refers to a loan that a person takes to meet his needs like traveling, taking home, taking a car, etc.
On the basis of all these requirements, the name is given to the loan, which is called House Loan / Home Loan, Car Loan, Education Loan etc.
Where can a personal loan be taken?
If you want to take a personal loan, then you can take it from any bank like SBI, HDFC, ICICI etc. Apart from this, some finance companies can also provide loans, including the name of Aditya Birla.
For this reason, you can take a personal loan from them, but before going to any place, you should know about their loan plan so that you can decide from where you want to take a personal loan.
What is EMI?
EMI is the means of repayment of any loan, which in common parlance is called installment. This EMI depends on the cost of the loan, which is to be repaid over a few months.
In this, P means the cost of the loan, I means the annual interest rate, R means the interest rate of each month’s installment, N means the installment for all the months, T means the total months of the year etc.
How is EMI calculated?
What will be the EMI of any loan, which is determined by the EMI calculator. If we talk about personal loan, then its installment is also done through EMI calculator.
Let us try to understand this thing through an example. Suppose you have taken a loan of 5 lakhs, whose annual interest is 8%, then your monthly EMI will be 4500/-, which you will have to pay in 5 years. .
What is EMI Calculator?
EMI Calculator is a tool by which the value of a loan, interest, repayment period, etc. is determined. This entire work is done online and EMI calculator saves time and effort.
At present, all banks (both government and non-government) like HDFC, SBI, ICICI etc offer all types of loans along with personal loans. In such a situation, it becomes a very important task for all the people to understand the mathematics of EMI.
Thus, we hope that reading this article has proved useful for you as we have tried to give the necessary information related to Personal Loan, EMI and EMI Calculator .
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