All the Luxury products, such as homes, Cars and then solar panel systems are now available on EMI. A one-time investment cannot be possible for everyone. The people looking for alternative electricity and want monthly EMI Should be equal to monthly electricity so they go for Solar systems.
Video: https://www.youtube.com/watch?v=eQKO2TsLW84
What is EMI Calculator?
EMI stands for Equated Monthly instalment.EMI calculator is also a form of the calculator by which we can easily calculate our monthly EMI, Monthly Interest and Monthly reducing balance on the principal amount, Loan tenure and interest rate and the total amount of interest we have to pay in that duration.
How does it work?
EMI Calculator works on the formula of the EMI = [P x R x (1+R) ^N]/ [(1+R) ^N-1],
Where P= Principal Amount or Loan amount
R= Rate of interest per month (if we have an interest rate per annum then divide that Interest rate per annum/12x100)
N= Number of months Installment
Why do we need EMI Calculator?
When we plan to buy something for which a one-time investment is not possible. Then we go for the EMI option, but we also want the details of that by which we can easily get to know our Monthly EMI, Reducing Principal amount & total interest amount.
Types of Emi Calculator
There are various types of Loans for which we have to calculate the EMI of that. To calculate all the Emi we use the EMI calculator.
Types of loans
1. Home loan Calculator
2. Car loan calculator
3. Personal loan calculator
4. Gold loan calculator
5. Education Loan
6. Credit Builder Loan
How to calculate EMI?
We required various terms for calculating the EMI of anything. First the Loan amount and then the monthly rate of interest and after that the tenure of the loan. After knowing all that we can easily calculate EMI by using Formula = [P x R x (1+R) ^N]/ [(1+R) ^N-1]
How do we get a Loan for Solar Rooftop?
Nowadays, the demand and consumption of electricity have increased, but on the other hand, the price of electricity also rises due to high demand, which is not affordable for everyone. So now, people are looking for an alternative to the traditional energy source, and they are now thinking of solar energy, which they get from a solar rooftop system. However, the solar system is the third most popular product after houses and cars. Therefore, a one-time investment is not possible for that also. Companies and banks come together to overcome that problem and provide EMI facilities to buy solar rooftop systems.
If you want to learn more about solar loans and Their EMI calculation
Visit: - loan.loomsolar.com
