An EMI calculator is used for calculating the EMI of the issued loan of the account holder. It is helpful to know what amount is supposed to be paid to the bank monthly. To calculate the value of repayment, the user just needs to type in parts, like the loan amount, interest rate. After this, the calculator will fetch the amount required to pay.
An online service for the EMI calculator is very efficient and reliable to calculate the exact amount of the installments. Most of the loans taken by the banks include credit and debit card loans. Hence there is a need for the consumers to know what is the actual amount they are paying to the bank. For this purpose, there is a vast majority of calculators that are used for calculation the EMI amount.
An EMI calculator helps you in a wide range of ways. With the use of this, you can make known the transacted value without asking for a statement. With the use of this, you can know your debit to credit ratio. Make the user your total is less than 50% to get compliance for the loan. It assists you to clear out the large and complex calculations. All the complicated tasks are done by the calculator.
An EMI calculator is very accurate and totally errorless. Also, you can calculate the installment value of every kind of loan. Because the payment value of every loan is different. This service is very fast and makes the process of calculation very simplified.
The EMI calculators use the formula mentioned below.
EMI = [P x R x (1+R)^N]/[(1+R)^ (N-1)]
This is the similar type of formula that a bank uses to calculate the loan value manually. But an EMI calculation does the same thing very rapidly and without any mistake. These calculations are universal, which means any kind of loan instalment can be checked.