Loan Repayment Calculator is an online calculation tool, which helps a person to determine the amount of time left with a given rate of interest to pay his/her complete loan if consistently, paying monthly payments on any ongoing loan.
The rate of interest which is used in loan repayment calculator is the interest rate which is reducing monthly.
1. Loan amount
The total amount of the loan borrowed from the bank or NBFC.
2. Interest rate
It is often called an annual percentage rate (APR). The interest rate is the specific percentage of the amount charged for line or loan of credit.
3. Monthly payment
EMIs based on Monthly principal and interest payment (PI) for the loan or line of credit.
4. Term in months
The total number of months one took the loan for.
5. Payment options available: