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19 November 2010

How to Calculate EMI?

This term EMI is very frequently used with regard to home loans. EMI stands for easy monthly installments. Any loan amount taken from private or government financial lenders has to be rapid according to a pre scheduled duration. This installment amount can nowadys be calculated very easily in the conforts of our home.
Many institutions have given online forms for calculating the monthly EMI's to be paid. It has become very easy for an individual to take a loan as ther procedures for procuring home loans have been made very simple. Easy availabilty of home loans and EMI calculators online has made the process of purchasing homes very convenient. The calculator has certain blocks where the individual going in for a loan has to fill in the amount. 1) The total loan amount 2) Loan period or duration of loan in years 3) Interest rates, and just on a click of the mouse one can get the monthly EMI amount.
Interest rates for the amount can be monthly or annually and this adds to the total amount of repayment. Some institutions also take advance one or two monthly installments at the beginning and then the regular repayment schedule begins after one or two months. The individual here gets the time to prepare for the amount and deposit it in the bank account.
Online calculators have made it very easy to calculate EMI's and decide to select the financial institution who offers best home loans. Even for car loans, property loans, second home loans as well as home renovation lons or personal loans one can calculate the EMI's easily and select the lender who offers best deals for the loans.

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