How To Calculate Term Loan Interest?
Every term loan has a corresponding interest rate and tenure attached to it. Interest rate is one of the major factors that influence your EMI. Before applying for a loan, you should check the term loan interest. This will help you plan your loan based on your repayment schedule. Normally, this can be easily calculated using an online calculator that not only gives you the interest amount but also a detailed EMI split of interest and principal, for the entire tenure of the loan. This is called an EMI schedule or amortization schedule. You can calculate EMIs by visiting Poonawalla Fincorp’s official website.
