Loan Calculator Free | Home Loan Calculator | Personal Loan Calculator | Car Loan Calculator | Educational Loan Calculator | Loan Calculator Monthly Payment | Loan Calculator

Loan Amount: $
Interest Rate: %
Number of Years:

Monthly Payment: $
Total Interest: $
Number of Monthly Installments:

 Free Loan Calculator Tool (Explanation):

Loan is a sum of money borrowed from the lenders. lenders are Banks, Finance, Government, many others. The money required to you are paid by the lenders in return of some rate of interest and charges of loan. In this the repayment of loan to the lenders include interest also thus, this may get little bit complicate. Therefore Edaccountancy Free Loan Calculator Tool helps you to get the loan interest Total, Monthly Payment and Number of Monthly Installments of repayment of loan.


Now, 

What is a Loan?

A loan is a sum of money borrowed from a lender, such as a bank, credit union, or online lender, with the agreement that it will be repaid with interest over a specified period of time. Loans can be used for a variety of purposes, such as purchasing a home, a car, or financing an education.


What are the Types of Loan?

There are several types of Loan available:

≽ Secured Loan - Secured Loan are loan taken for house and car. Where the borrower have to give some mortgages and auto loans to the lenders for the security purpose. If the borrower defaults in repaying the loan, the lender can take the possession of the property.

≽ Unsecured Loan - The Borrower does not have to give any mortgage to the lender. This loan include Personal Loan and Credit Card debt.

≽ Fixed Rate Loan - These loan Interest is fixed over a period of time. During the agreement of loan the Interest said by the lender will be the interest you have to pay. 

≽ Adjustable Rate Loan - In these type of Loan the rate of Interest may fluctuate over time. And this may be increase or decrease your monthly installments payment.   

≽ Short term Loan - These loan have a repayment period with in a one year. These loan is for personal loan.

≽ Long term loan - These loan have a repayment period of more than one year. These loan include mortgage and for a personal loan.


Important Consideration While Applying for Personal Loan:

While taking out a loan, it is important to consider the following things

1: The Interest Rate 

2: Loan Term / Loan Period

3: Any fees and Charges Associated with the loan

4: Also understand the repayment of loan and ensure that you will able to repay on time.

5: Also it is necessary to check out from other lender who will give you better offer. 

6: Take decision according to your credit score and work on it for improvement. Check your credit score here. 


How to Use Loan Calculator Tool by Edaccountancy

Edaccountancy bring you to simplified loan Calculator Tool in Free. How you will use this loan calculator, it is very easy to use but, don't use the comma in the number For Example: Your Loan Amount is 10 lakh then put number like this 1000000.

After this put the Rate of Interest in the Box as said by lender. last put the Number of year of loan that is term of loan of repayment. 

In the Result, you will get Monthly Payment Amount, Total Interest paid over the loan and Number of Monthly Installments. 

For Example: You have to Calculate 50 Lakh loan for 7 years with Rate of Interest 14%. Put all the details in proper box without using commas. 

In Loan Amount: 5000000

Interest Rate: 14

Number of Years: 7

After putting of details Click on Calculate

You will get the Result As,

Monthly Payment: 93700.06

Total Interest: 2870804.87

Number of Monthly Installments: 84

This is how easy to get Loan Calculator used in such a easy way. In this you can calculate Home Loan, Personal Loan, Car Loan. 


What is EMI?

EMI is Every Month Installment that is while you take the loan, you have to repay the loan to the lender in such a way that you will not get the burden of repayment. This Monthly Payment is Calculate by formula thus, we had made The Laon Calculator Tool that you can direct get your Monthly Payment Amount easily. This EMI include Interest on loan and the loan part amount. Our Calculator will also tell you the Number of Monthly Installments you have to pay.      

Free Loan Calculator Tool By Edaccountancy


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