Check out our most Popular Searches
Choose The Product You Are Applying For
Check out our most Popular Searches
Choose The Product You Are Applying For
Know the Effective Way to Use Loan Against Property EMI Calculator
Imagine having found the perfect place for your destination wedding or a solid strategy to take your business to the next level. A Loan Against Property can help you make these dreams a reality by providing the necessary funds. But how to be sure that taking a loan is within your financial reach? This is where an EMI calculator can become your best friend. With just a few clicks, you can determine your monthly payments and plan your finances accordingly. Read more in this blog on how to use a Loan Against Property EMI calculator and the benefits of it.
A Loan Against Property is a secured loan where you pledge your property as collateral. This property can be residential, commercial, or a plot of land. A loan like this can be used for various purposes, including funding education, paying for medical emergencies, expanding business, consolidating debts, etc.
One of the key advantages of this type of loan is that it is secured in nature. This means that you can get the loan at a lower interest rate and enjoy a longer repayment tenure. However, the specific loan terms can vary depending on the lender you choose. For instance, Poonawalla Fincorp offers a Loan Against Property with an interest rate starting at 9.5% p.a. and flexible repayment tenures of up to 15 years.
When you're thinking about taking a Loan Against Property, it's important to estimate your monthly payments. This is where a Loan Against Property EMI Calculator can help.
A Loan Against Property EMI Calculator is an online tool that helps you figure out your monthly loan payments. It breaks down the total cost of the loan, including both the principal and the interest. All you need to do is enter the loan amount, the interest rate, and the loan tenure. The calculator will then show you the monthly payment you need to make over the loan tenure.
Also Read: What is Property Mortgage Loan? How it Works?
Using a Loan Against Property EMI Calculator is straightforward and can save you a lot of time. Here's a step-by-step guide to help you through the process:
To use an EMI calculator for a Loan Against Property, start by visiting the lender's website. Most financial institutions offer this tool online. Look for the section dedicated to loans or financial tools. You can visit Poonawalla Fincorp’s website to find the appropriate calculator for your needs.
Once you have opened the EMI Calculator, put in the amount you wish to borrow. This is the principal amount of the loan. For example, if you need ?50 lakh, enter this amount in the designated field.
Now, enter the loan repayment period in months. The tenure is the total time you will take to repay the loan. For example, if you plan to repay the loan over 10 years, you would enter 120 months (10 years x 12 months).
Finally, click on the calculate button. The EMI calculator will instantly display your monthly EMI. This result will show you the amount you must pay each month, combining the principal and interest components.
Several factors influence the results provided by a Loan Against Property EMI Calculator. Understanding these factors can help you make more informed decisions:
1. Loan Amount: The principal amount you wish to borrow directly impacts your EMI. A high loan amount can result in a higher EMI.
2. Interest Rate: The interest rate offered by the lender significantly affects your EMI. A lower interest rate reduces your monthly payments, while a higher rate increases them.
3. Loan Tenure: The duration of the loan repayment period, or tenure, also plays a crucial role. Longer tenures result in lower EMIs but higher overall interest payments, whereas shorter tenures lead to higher EMIs but lower total interest costs.
4. Property Value: The value of the property you pledge as collateral can influence the loan amount you are eligible for, which in turn affects your EMI.
5. Lender’s Policies: Different lenders have varying policies regarding processing fees, prepayment charges, and other costs. These additional charges can impact the total cost of the loan and, consequently, your EMI.
6. Repayment Schedule: The repayment schedule, including the frequency of payments (monthly, quarterly, etc.), can also affect your EMI calculations. Understanding the amortization schedule helps you see how much of your payment goes towards the principal and interest over time.
Also Read: Get Loan Against Residential Property | Poonawalla Fincorp
Using a Loan Against Property EMI Calculator offers several advantages that make it an essential part of the loan application process. Here are some key benefits:
1. Accurate Calculations: Manually calculating your EMI can be time-consuming and prone to errors. An EMI calculator offers a foolproof way to get accurate results instantly. By entering the loan amount, interest rate, and tenure, you can quickly see the monthly payment and make informed decisions.
2. Assess Loan Affordability: An EMI calculator helps you assess whether you can afford the loan. By knowing the monthly payment, you can evaluate your finances and ensure you can take the loan without defaulting. An EMI calculator helps you choose the right loan amount, interest rate, and tenure that suits your financial situation.
3. Compare Loan Options: The EMI calculator allows you to compare different loan scenarios. For example, you can see the difference in EMIs for a 10-year loan versus a 15-year loan. This comparison helps you choose the most suitable loan terms.
4. Mobile Accessibility: You don't need a computer to use an EMI calculator. Most calculators are mobile-friendly and can be accessed via smartphones. This convenience allows you to calculate your EMI anytime, anywhere.
Using Poonawalla Fincorp’s Loan Against Property EMI Calculator is simple and hassle-free. Follow these steps to quickly determine your EMI:
Step 1: Visit Poonawalla Fincorp’s website
Step 2: On the Loan Against Property page, scroll down to the EMI calculator section.
Step 3: Enter the loan amount you require in the designated field.
Step 4: Enter the loan duration under the section labeled ‘Tenure’.
Step 5: View the results under the section ‘EMI Amount’.
This will quickly compute and display your EMI based on the provided loan details.
A Loan Against Property EMI calculator is a smart way to figure out how much an EMI will cost you each month. This tool not only allows you to accurately determine your monthly payments and assess loan affordability but also helps in simplifying the overall finances. To use the EMI calculator just visit the Poonawalla Fincorp’s Loan Against Property EMI calculator to estimate your monthly payments and select the loan terms that will suit your needs.
Also Read - 5 Things To Know Before Applying For A Loan Against Property
Using an EMI calculator offers several advantages, including accurate calculations, assessing loan affordability, comparing different loan options, and mobile accessibility. It helps you make informed financial decisions quickly and efficiently.
Yes, the Loan Against Property EMI Calculator is a free tool to use. You can also consider using Poonawalla Fincorp’s EMI Calculator. You can use as many times as needed to plan your loan effectively without any cost.
The Loan Against Property EMI Calculator provides highly accurate results based on the inputs you provide. However, the actual EMI may vary slightly due to additional charges or fees imposed by the lender. Always check with your lender for the final EMI amount.
When choosing a Loan Against Property, consider factors such as the interest rate, loan tenure, loan amount, and the lender's terms and conditions. Using an EMI calculator can help you compare different scenarios and choose the best option for your financial situation.
We take utmost care to provide information based on internal data and reliable sources. However, this article and associated web pages provide generic information for reference purposes only. Readers must make an informed decision by reviewing the products offered and the terms and conditions. Loan Against Property disbursal is at the sole discretion of Poonawalla Fincorp.
*Terms and Conditions apply
Our team of expert writers and editors are passionate about providing authentic and valuable information on finance. Our aim is to simplify financial and finance-related concepts. We strive to help our readers become more aware and empowered to make informed financial decisions.
Being a small business owner, you know what it takes to start a business from scratch and expand it to greater heights. You might have faced several challenges during your business journey.
Personal loans have made our lives easier and more convenient. From tackling a medical emergency to planning a dream vacation with your family to renovating your house, you can get a personal loan and meet all your financial requirements without any hassles.
Taking a loan today is easier than ever. Commercial banks (private and public sector) along with non-banking financial corporations (NBFCs) make it quite easy for borrowers to get loans to meet their various financial needs.
A personal loan is an effective option to meet your immediate and unplanned financial needs. Whether it’s something planned like a wedding or remodeling a kitchen, or a contingency like a medical emergency,
You must know about the different types of loans available in the market. For example, there are car loans for purchasing a new car, home loans for buying a new home, and business loans to establish and expand your business.
