Loan Calculator
The application provides calculators to the user, to get an indicative estimate of:
- Loan Installment Amount
- Loan Eligibility Amount
Through the;
Calculation is done by the application and results are displayed to the user.
The installment calculator enables users to identity the installment amount payable on a loan of a certain amount for a specific duration. This calculator is beneficial to users as it gives the user an opportunity to identity whether applying for a loan for a specific amount and duration is preferable or not.
The loan eligibility calculator enables users to compute the amount of loan that they are eligible for based on their monthly income and expenses and also the desired loan tenure and estimated interest rate.
How to reach here:
Dashboard > Toggle menu > Accounts > Loans and Finances > Overview > Loan Installment Calculator
Loan Installment Calculator
Repayment of a loan includes both the repayment of the principal amount of the loan, and the interest. These two components, together add up to the loan installment amount, which is typically an equated amount paid monthly to the lender (bank).
Loan installment calculator is a simple calculator which calculates the installment value of the loan, for specific amount, tenure and rate of interest. It helps users to understand the monthly outlay, if they were to borrow a sum of money, for a specific time.
Field Description
|
Field Name |
Description |
|---|---|
|
Amount |
Loan amount that you want to apply from the bank. |
|
Tenure |
Tenure of loan in terms of years. |
|
Interest |
Interest rate that bank will charge on the applied loan. |
|
Installment Amount |
Calculated monthly installment that the user will have to pay towards the loan (for the given Loan amount, Interest rate, & loan tenure). |
- In the Amount field, click and drag for the desired loan amount.
- In the Tenure field, click and drag for the appropriate loan tenure.
- In the Interest field, click and drag for the interest rate.
- Click , to view the Installment Amount, which the user will have to pay regularly towards the loan (for the given Loan amount, Interest rate, & loan tenure).
Eligibility Calculator
Eligibility calculator enables users to understand the maximum amount of loan that they are eligible for, considering their average monthly income and expenditure. The calculator computes the eligible loan amount and average installment per month.
Loan Eligibility Amount calculation is performed by the application and results are displayed.
The eligibility is calculated on the basis of :
- The user’s average Monthly Income
- The user’s average Monthly Expenses
- Tenure of the loan
- Estimated rate of interest
Field Description
|
Field Name |
Description |
|---|---|
|
Average Monthly Income |
Monthly income of the user on an average. |
|
Average Monthly Expenses |
Monthly expenses of the user on an average. |
|
Tenure |
Tenure of loan in terms of years. |
|
Interest |
Interest rate of the loan. |
|
Eligible Amount |
Eligible loan amount. |
|
Average Installment |
Displays the estimated monthly installment amount. |
- In the Average Monthly Income field, click and drag for the monthly income.
- In the Average Monthly Expenses field, click and drag for the monthly expenses.
- In the Tenure (in Years) field, click and drag for the loan tenure of loan.
- In the Interest field, click and drag for the applicable rate of interest
- Click , to view the eligible loan amount and the average installment / month.
FAQs
As a corporate User, what are the loan accounts that I can view?
Can I perform repayment of the Loan 24/7, on the Online Platform?