How to Calculate EMI?
All the Luxury products, such as homes, Cars and then solar panel systems are now available on EMI. A one-time investment cannot be possible for everyone. the people looking for alternative electricity and want monthly EMI Should be equal to monthly electricity so they go for a Solar system.
Video: https://www.youtube.com/watch?v=eQKO2TsLW84
What is EMI Calculator?
EMI stands for Equated Monthly instalment.EMI calculator is also a form of the calculator by which we can easily calculate our monthly EMI, Monthly Interest and Monthly reducing balance on the principal amount, Loan tenure and interest rate and the total amount of interest we have to pay in that duration.
How does it works?
EMI Calculator works on the formula of the EMI = [P x R x (1+R) ^N]/ [(1+R) ^N-1],
Where P= Principal Amount or Loan amount
R= Rate of interest per month (if we have interest rate of per annum than divide that Interest rate per annum/12x100)
N= Number of months Installment
Why we need EMI Calculator?
When we plan to buy something for which a one-time investment is not possible. Than we go for the EMI option, but we also want the details of that by which we can easily get to know our Monthly EMI, Reducing Principal amount & total interest amount.
Types of Emi Calculator
There are various type of Loans for which we have to calculate the Emi of that . To calculate all the Emi We use EMI calculator.
Types of loans
Home loan Calculator
Car loan calculator
Personal loan calculator
Gold loan calculator
Education Loan
Credit Builder Loan
How to calculate EMI?
We required various term for calculating Emi of anything. First the Loan amount and then the monthly rate of interest and after that the tenure of the loan. After knowing all that we can easily calculate EMI by using Formula = [P x R x (1+R) ^N]/ [(1+R) ^N-1]
How we get Loan for Solar Rooftop?
Nowadays, the demand and consumption of electricity have increased, but on the other hand, the price of electricity also rises due to high demand, which is not affordable for everyone. So now, people are looking for an alternative to the traditional source of energy, and they are now thinking of solar energy, which they get from a solar rooftop system. However, the solar system is the third most popular product after houses and cars. Therefore, a one-time investment is not possible for that also. To overcome that problem, companies and banks come together and provide EMI facilities to buy solar rooftop systems.
If you want to learn more about Solar loan and Their EMI calculation Visit:- loan.loomsolar.com