You buy money in the form of a loan with interest. So how much extra money you have to spend, depends on the rate of interest. A good lending company offers you the option of selecting between a fixed interest rate and a floating interest rate. You have to weigh the fixed interest rate vs floating interest rate. It is very important to select between fixed and floating interest rates. The reasons are:
What is a fixed interest rate?
What is a floating interest rate?
Steps to follow while calculating EMI on personal loan 1st Step: Visit the website of the lender and open an Online EMI Calculator for Personal Loan. 2nd Step: Enter your loan amount, tenor, and agreed-on interest rate. 3rd Step: Click on ‘calculate’ and you will get the answer. You may read the monthly installments, total interest payable, and the total amount payable in seconds. Conclusion Nowadays, getting a personal loan has become easy. A trustworthy leading lending company like Bajaj Finserv will explain to you the fixed interest rate vs floating interest rate when you approach them for your loan requirement. You can open the personal loan EMI calculator on the website to know your loan status. Read Also: Easy Tips to Improve Your Chances of Getting an Online Personal Loan
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AuthorAman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management. |