An interest rate calculator is a necessary financial tool for daily calculations. Whether you obtain a personal, vehicle, or home loan, you must calculate the total amount you must repay. You can use a personal loan interest calculator, a two-wheeler loan interest rate calculator, or a calculator to estimate the interest amount on a short-term investment before investing.
What is the formula for a two-wheeler loan interest rate calculator?
Loan interest calculation and determining EMIs rely on a specific formula. Every interest calculator in India utilises the formula below-
EMI=Pr (1+r)^n/((1+r)^n-1)
In this equation, the different factors are as follows-
- P= Loan or principal amount
- r= Interest rate applicable
- n-Tenor in months
How to use a two-wheeler loan interest rate calculator?
The online monthly interest calculator ensures that you can calculate interest and EMIs without hassle and error-free. Using a two-wheeler loan interest rate calculator is simple, with an easy-to-use interface. Simply follow the steps below:
- Fill in the appropriate fields with the principal loan amount.
- Enter the quoted interest rate.
- Finally, enter the repayment period. Convert the tenor you’ve chosen into months. For example- Enter 60 months in the field if your repayment period is five years.
After entering these criteria, click calculate to receive all essential details, such as the EMI amount, total loan cost, and more. Adjust the tenor to arrive at an EMI value convenient for you.
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What is the benefit of using a two-wheeler loan interest rate calculator?
Here are some key advantages of using a two-wheeler loan interest rate calculator.
- Such a platform provides a dependable resource to manage your budget and liabilities.
- If you have borrowed money from a bank, you must fully refund it on time. Otherwise, your CIBIL score will suffer, as will your creditworthiness. A two-wheeler loan interest rate calculator can help you decide whether or not you can afford it.
- Finally, a two-wheeler loan interest rate calculator will save you time, eliminate errors, and assist you in staying on top of your financial obligations.
What is a short-term investment?
Short-term investments are intended to provide significant returns in a relatively short period, which can be a year or even a few months. These programmes are primarily focused on meeting anticipated near-term expenses. Typically, investors who choose short-term investments are interested in something other than waiting years for their money to be multiplied several times. Instead, they seek immediate and effective outcomes.
Best short-term investment plans with high returns in India
If you are looking for a secure way to invest your money for steady, risk-free high returns, short-term investments are the right choice. Let’s take a look at the best short-term investment plans with high returns in India:
- Recurring Deposits
- Money Market Account or liquid funds
- Debt Instrument
- Bank Fixed Deposits
- Post-office Time Deposits
- Large Cap Mutual Funds
- Corporate deposits
- Savings account
- National savings certificate
