Loan Calculation Software
Suppose an individual or a company takes a loan from a financial institution. However, that loan cannot be paid as a one-off time payment. So there is an arrangement between the individual/ company and the financial institution that is providing the loan. In this sort of arrangement, the financial institution comes up with an option that the company/individual pays a certain amount of instalments for the tenure or the period of loan. These instalments have to be paid every month. Such instalments are known as Equated Monthly Instalments or more commonly known as EMI.
This is an option that is available if the loan cannot be paid off in one single lump sum amount. When an individual/ company take a loan, there is the principle amount that is the amount that is considered as a loan. The interest is payable on the principal amount taken as a loan. The period or tenure of the loan is also present. EMIs are present for different types of loan. However, as the principal amount of loan is higher, the EMI is even higher.
EMI options are available for the following loans:
- Personal Loan.
- Education Loan.
- Car Loan.
- Personal Loan.
The EMIs for the above loans will differ according to the amount of principal loan that is taken.
