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 repayment schedule. Normally, this can be easily calculated using an online calculator. Online calculators not only give 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 visit Poonawalla Fincorp’s official website to calculate EMIs.