We all want to increase our wealth and save for future. For
that we invest in various investment schemes. Managing money properly needs
some calculations and awareness. Calculation is needed to estimate the return
and find the right amount for investment. Awareness is required because time to
time government regulate monetary bills and based on that financial
institutions launches various schemes. Proper understanding of both will create
wealth for us. Now coming to our topic, “Personal Loan EMI Calculator”. Most of
the people buy their car or home through bank finance. Banks provides Car loan
for vehicle buying and Home loan for home/flats buying. For both the loans
banks fixes the EMI i.e. Equated Monthly Installments and the time period of
payments. We usually take home loan or a
car loan due to shortage of funds. Everyone wants to repay his or her loan as
soon as possible to get free from liabilities. Therefore we want to optimize
the loan amount and EMI value so that it does not become a burden. For this we need an emi calculator, because
at bank nobody gives time to entertain us in this regards. A personal loan emi
calculator is more useful than an online emi calculator. I have designed one
such Excel based emi calculator for home loan which is fully customized in the
way we require the output. This calculator is basically for Home loan
optimization but it can be used for car loan also. You can download the
calculator from the link given at the end. It is also available in ‘Top
Download’ section on Side panel.
The main requirement of personal loan emi calculator is to
guide us on the financial figures before going to a bank. With this we can fix
our Loan figures and EMI values. Simply we require the ongoing interest rates
of bank.
Calculate EMIs
The simple calculation it will do is to find the EMIs for
the given loan amount, tenure and rate of interest. It also calculates the
total Interests and Principal amount to be paid for repayment of loan. It shows
the division in a Pi-chart for clear understanding. Why we stressed upon EMI values??
Because, EMIs are fixed once for all, and whether it is a burden or grace is a
matter of deep thinking for all of us.
Compare EMIs
This option is given to compare EMIs by keeping three
different tenure. Some people suggest keeping longer period for loan and some
suggest completing the loan as soon as possible. Therefore in this tool you can
compare the EMIs for three different tenure or loan amount, and select the EMIs
that best suits as per your income.
Plan Your Pre-Payment
Schedule and Decide for Higher Tenure of Loan
Banks give options of partial payment, where you are allowed
to partially repay your loan. Some people use this option when they get any
extra income or yearly bonus. When we opt for partial payment the bank
generally keeps the EMIs unchanged and reduces the total nos of EMIs. This is a
good option that gives us freedom to repay the loan before its full tenure and
avoid burden of interest. In the emi calculator for home
loan one can calculate the reduced nos of EMIs by selecting the partial
payment option. Select the partial payment schedule and calculate the remaining
Principal and Interests. Using this calculation one can decide to keep higher
tenure say 25 years or 30 years and keep lower EMIs. Later on try to repay the
loan using partial payment option.
Finally Calculate
Break-Even to Sell Your Property
We buy any property either for self use or for investment.
If we buy for self occupancy than we should try to finish the loan as soon as
possible to reduce the interest amount.
A house bought on home loan becomes twice as costly as we buy on cash.
But if we are buying for investment purpose than we should really do some maths
to find the right price and right time to sell the property. In the personal
loan emi calculator you can calculate the total worth of any property bought on
loan after certain period. One can also calculate the breakeven price of Home,
so that he can sell the property at better price at right time.
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