I want to know about the EMI calculator.
- By paying EMI, you can effectively repay parts of the loan and that much amount is reduced month after month. Therefore, every month, interest is charged on the reducing balance method.
- With the help of an EMI calculator, you can get to know the amount you are comfortable paying each month. Based on this, you can decide if the EMI is affordable to you or not.
- This will help in planning the finances better for the tenure of the loan.