What is the meaning of a Loan Calculator?

A Loan Calculator is a financial online tool that allows you to estimate your monthly loan payments. It is effective when you are considering taking out a loan and want to get an idea of how much the monthly repayments will be.

The calculator takes inputs like the loan amount, interest rate, and repayment term. It then does the maths to calculate your estimated monthly repayments. This gives you a good idea of whether the loan is affordable for your current financial situation.

Loan Calculators are commonly found on financial institutions’ websites. This allows you to get estimates without formally applying for a loan.

The calculators are free and easy to use. Simply input the loan details and it will instantly estimate your monthly repayments or EMI. This allows you to compare loans from different providers. And determine if your budget can handle the proposed repayment amount.