## Emi calculator – calculate emi online with loan calculator electricity distribution map

EMI calculator lets you know how affordable a loan can be for you. Always use the calculator to get a quick quote on your EMIs. You can calculate any loan emi with this calculator be it home loan, personal loan, car loan, education loan, loan against property, two wheeler loan or gold loan. If the quote is satisfactory, you can apply for the loan directly through Deal4loans.

If you think the EMI is a bit more than you can afford, you can always re-calculate. This time enter either less loan amount or longer loan tenure in the calculator. You can also continue to re-calculate until our calculator gives you an EMI that you are satisfied with.

Also, remember to compare quotes from different banks. You can do this by entering the loan amount and the rate of interest with the loan tenure of, say bank "A". See how much it amounts to. Then do the same again of bank "B". Whichever suits your needs and fits your wants, apply.

In today’s scenario, banks are coming your way with bouquet of offer for your loan requirements. To have the finest deal from these banks, one should ponder to following points before cracking a deal. Don’t be corrupted by paying high EMIs at low rate of interest Formula of Calculation of EMI

(1) Check your reimbursement power (EMI) : You repay the loan in Equated Monthly Installments (EMI) that consists of principal as well as interest. Since you pay an equal amount every month, these payments are called equal monthly installments. The EMI depends on the amount of the loan, the interest rate and the term of the loan. It is an unequal combination of principal repayment and interest cost every month. In the beginning, bank recovers their interest payments and gradually more of the principal repayment by the end of the loan tenure. EMI amount should range maximum to the 40% of your monthly income. One should consider offers from various banks as it may differ from bank to bank. Your involvement in the process might end up in a win-win situation for you.

(2) Market around (Rate of interest):Today, there are many lenders in the market and every bank is offering loans be it a nationalized bank, private bank or foreign bank. Every bank offers different personal loan rates and home loan rates according to the profile of the customer. So, before finalizing a deal one should consider deals from various banks and then come to a conclusion. Be aware of the fact that some people might mislead you by charging high rate of interest at reducing rate and might inform the same at flat rate of interest. So, its always advisable to check full detail of the banks and do better comparison in respect of EMIs , Tenure and rate of interest and keeping tenure as constant with all the banks will ease your comparison and will result in better analysis, finally leading to a prudent decision.

(3) Tenure:It’s one of the most important factors that one should keep in mind while taking loan. It refers to the no. of years for which the loan has been taken. Longer the tenure, higher will be the interest paid and lower will be amount of EMI to be paid and vice-a-versa. It is one of the parameters which helps in comparing the EMIs from different banks keeping it constant for relationship and easing the judgement.

(4) Loan Disbursal Time: Loan disbursal time is the period in which loan is processed and the customer receives the demand draft from the bank. Disbursal time differs from bank to bank. It is an important factor because there is always a reason behind taking a loan if the opportunity of that objective is lost then it is of no use. So, better ask your bank the Turn Around Time and take the loan considering your urgency or better plan it in advance.

(5) Processing Fee, Administrative Charges & Pre-Payment Charges: When you borrow, your loan carries other charges as well apart from interest that may include Processing Fee which bank charges to process your file and pays to the processing hubs, charges may vary from 1-2% of the loan amount sanctioned by bank. Besides this, there are Pre-Payment Charges also which the loan carries for the Pre-Closure of the Loan. So, it is always advisable to take loan which has no penalty for the pre-closure of loan because it might happen in the long-run you might have enough money to pay your debt and thereby save interest on the same or you can have the opportunity to get your loan tranferred at low rate of interest.

(6) Insurance Facility: Some bank offers insurance facility by charging small amount of premium which is added to the EMI paid for the loan amount and the person is insured for the amount he has taken loan. Just in case something unexpected happens, the assured amount will be given to the bank without burdening the members of the family.