All high quality mobile apps are available for free download. 20,000+ users downloaded Emi Calculator latest version on 9Apps for free every week! The app has do enough to distinguish itself from its predecessor. This hot app was released on 2018-11-10. More similar hot applications can be found here too.
EMIs differ from variable payment plans, in which the borrower is able to pay higher payment amounts at his discretion. In EMI plans, borrowers are usually only allowed one fixed payment amount each month. The benefit of an EMI for borrowers is that they know precisely how much money they will need to pay toward their loan each month, which makes their personal budgeting process easier.
Each EMI consists of payment towards the principal (actual amount borrowed) and the interest on that amount for the entire loan period. In the early years, a higher proportion of the EMI is formed by the interest payment. As the loan matures, the interest component decreases and the principal amount forms a higher percentage of the monthly payment.
There are 2 types of EMIs to consider when taking out a loan:
1. Fixed Rate EMI – In this option, the interest rate is fixed for the entire tenure of the loan. It is advisable to choose this option when interest rates are expected to rise in the future. This option helps you lock in a lower interest rate for the entire loan period.
2. Floating Rate EMI – Here the interest rate varies in accordance with prevailing interest rates in the market. This option is better if you expect interest rates to decrease during the tenure of your loan. You can then take advantage of lower rates for future payments.
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