Monthly Installments Estimator

Monthly Installments Estimator as the name says, calculates the monthly installments you have to pay for a loan amount with fixed interest rates. This tool is very useful if you are planning to obtain simpler loans to finance your stuff. Not only the resulting calculation contains the EMI but also the Year Wise Progress if you would pay them correctly. As you know, obtaining and repaying loan payments is not an easy thing to operate. Having some insights will keep you pre-informed about the risk you are taking. This app uses the following formula to calculate your monthly payments:-

Where,
A → Loan Amount
r → Loan Interest Rate (in %)
n → Time period (in years)

CAVEAT:-

This app won't work with loans having variable interest rates. It's kinda hard to track variable interest rates because its being decided by several criteria and the criteria changes with the type of loan you are applying. Also, the result provided by this app is just an estimate. Your bank might put some extra fees on top of this depending on their policies and market conditions. So go through their loan policies and fee structure carefully and use the results from here as a comparison to make a decision.