A loan is a financial agreement between two parties, a lender and a borrower. Under this agreement, the lender gives a specific amount of money to the borrower with the intent that the amount borrowed needs to be paid back with interest as monthly installments over a predetermined period of time by the borrower. Using an EMI calculator is the easiest way to determine your monthly payouts and balance your budget accordingly. Everyone has to borrow a loan at some point of time in their life whether for buying a car or house, funding child’s education or consolidating debts, etc. Thus, loans have become an important part of everyone's life in today’s times. Loans can be availed for various purposes, but the key components on loans are always the same, namely - loan amount, loan tenure and interest rates.
EMI is the payment which the borrower makes every month towards loan repayment of the loan. EMI constitutes the principal amount along with the accrued interest. You can use the EMI calculator to calculate your monthly loan EMI payouts. The borrower just needs to enter the variables of the loan such as the principal amount, tenure and interest rate and it instantly fetches an result which is the EMI. Calculating EMI using online EMI calculator is easy as you need to enter the details and just wait for a few seconds to know your loan EMI. Paisabazaar’s online loan EMI calculators are available 24*7 without any cost! So calculate or compare various loan EMIs any number of times you wish to for free.