Loan Amount is
No. of Month is
Rate of Interest (ROI) is
The interest rate on shopping loans is affected by a variety of factors. Knowing about these factors will help you get the most competitive interest rate on a shopping loan.
1. Age: - Applicants must be at least 21 years old and below 65.
2. Credit Score: - Applicants have a credit score of 750 and above.
3. Occupation: - Applicant must be a salaried individual or self-employed individual.
4. Repayment History: - Having an excellent repayment history helps you to increase your shopping loan eligibility and help you to get a lower interest rate.
5. Stable Income: - Having a steady income makes it easier to pay back the loan. With a higher income, you have a greater chance of getting low-interest shopping loans.
There are two methods for calculating a shopping loan’s EMI.
The simplest, quickest, and most straightforward approach to figure out monthly installments is to utilize a shopping Loan interest rate calculator. All you have to do here is enter the values for the three major components, and the outcome is created automatically in seconds.
Flat Interest Rate Calculation
EMI = (principal + total interest payable) / loan tenure (Months)
Total interest payable = P x R x N / 100
Floating Interest Rate Calculation
EMI = [P x R x (1 + R) ^ N] / [(1 + R) ^ (N - 1)]
‘P’ is the principal loan amount.
‘R’ is the interest rate.
‘N’ is the loan tenure in months.
There are a few ways to reduce the professional loan EMI amount.
Before trying any of these tactics, be sure to use a professional loan calculator and conduct a thorough cost-benefit analysis.
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