Emi

Calculating your Home Loan EMI is the most important aspect of any loan. You won’t know what your exact financial outflow will be unless and until you have calculated it for yourself accurately. Using an online home loan EMI calculator will help you determine how much each loan will cost you.You can use CreditMantri’s online Home loan EMI calculator in order to plan your finances and determine exactly ho

It can be very confusing to evaluate the multiple loan offers available in the market. Calculating EMI is even more stressful. Using an online home loan EMI calculator will take the load off from you and help you determine how much each loan offer will cost you.You can use CreditMantri’s free online Home Loan EMI Calculator to compare various home loan offers. The calculator gives you an accurate picture of yo

CreditMantri’s Personal Loan EMI Calculator is probably the easiest way to calculate your monthly EMIs and choose the loan best suited to your requirements. It gives you an accurate picture of your monthly outflow and helps you determine which loan offer would be most compatible with your credit requirements.Using the EMI calculator is easy; all you have to do is to input the loan amount, the interest rate

An EMI has 2 components in every instalment - Principal (P) and Interest (I). Since the EMI is fixed, each instalment has a certain principal component and a certain interest component. Interest is computed based on the outstanding principal. Early in the tenor of a loan, the principal outstanding in the highest, and hence the interest component of each instalment is high. As the tenor progresses, the interest component reduces, as the principal outstanding becomes lower. P + I is constant in eah EMI. Early in the loan the "I" component is the highest (on account of the loan principal being the highest) and as the loan progresses the "I" component becomes lower and the "P" component of each EMI increases.

If you have taken a loan of INR 6,00,000 and you paid your EMI’s regularly for five years, and the remaining balance is INR 2,00,000, and if you now want to pay the complete balance in one go, then Interest will be calculated on the remaining INR 2,00,000, from the date when the last interest was paid. Therefore, the interest component in each instalment will keep decreasing. If the last interest was calculated on 31 Sept, 2014 and you want to prepay on 14 Jan, 2015, then the interest will be calculated for the remaining balance, up to 14th Jan, from 31st Sept.. In addition, there could be pre-closure charges as well.

Therefore, by definition, the EMI can never exceed the credit card limit.

Because a Home Loan fundamentally is a debt/liability and once you take it, you give banks a ""Standing Instructions"" to debit a certain amount (your EMI) monthly on a specific date. Also, on the date of EMI payment, these Standing Instructions are issued only on your Savings or Current account & not on your credit cards

EMI basically is repayment of the loan amount, in parts on monthly basis. The loan amount, whatever the type of loan, is paid back through a series of monthly payments. The payment for each month is done by issuing post-dated cheques drawn in favor of bank or the lender, or through standing intrsuctions set up. EMI’s are to be paid until the complete amount due is paid up. Also, as the amount of loan taken increases, the EMI amount also increases. If the tenor of the loan is extended then the EMI amount is reduced. It doesn’t mean you will have to payback less amount but rather the monthly amount that you have to pay decreases but the number of months of repayment increases.

One of the most distinct benefits of credit cards is the ability to convert payments into EMIs so that you don't have to deal with the financial impact of a large purchase.  We may plan to make some big purchases during a month but our income may not be sufficient to repay it in whole in the next billing cycle. This is when EMIs come in handy. EMIs allow you to spread your big purchases into smaller payments on equal monthly instalments. 

On the off chance that you take a loan of let’s say INR 1 lac and the bank includes a mandatory protection of 10K INR and handling charge of 2.5K INR, then your APR will be ascertained as the premium paid on 1.125 lac INR and not 1 lac INR. This figure is not typically promoted but rather needs to be looked at when you take a loan. If the credit is for 12%, yet APR is 17%, then the hidden costs add to 5% yearly! Only mandatory charges are added in evaluating APR.

By this plan, you would pay the EMI towards the start of the month. Let us say you take a loan of INR 1 lac for an auto and your EMI is 10K for 10 months. By the ordinary EMI plan (additionally called EMI in arrears) 1 lac will be given to the auto merchant and EMI of 10K will begin from the end of the first month