How Reducing Interest Rate is calculated?
The reducing interest rate, also known as the diminishing balance method, calculates interest based on the outstanding loan balance after each installment payment. As you make payments, the interest is recalculated on the remaining balance, gradually decreasing over time. This approach often saves borrowers money on interest compared to fixed interest rates, making it a popular choice for loans such as home loans or personal loans.
What is EMI Calculator?
An EMI calculator is a useful tool that assists you in finding out how much you have to pay to repay your loan each month. You can check how much you have to pay back each month for these loans.
Loan Tenure
Change in Tenure directly affects EMI. Decrease in Tenure increases EMI and vice versa
Rate of Interest
Rate of Interest is the major factor that affects to determine EMI. Lower the ROI, Lower the interest payment and Lower EMI
Amount of Loan
Amount of Loan is another element for determining EMI. EMI will be decided on the basis of amount of loan.
Types of EMI Calculators
Car Loan EMI Calculator
Home Loan Calculator
Personal Loan EMI Calculator
Unlimited Sales Invoice
Unlimited Quotation
Unlimited Purchase Order
Basic Reports
