In a loan calculator, you can put three inputs- loan principal, loan tenor and the rate of interest, to get the output of EMI amount. You can compare all banks and NBFCs by putting variable factors and calculate the EMI. This may help you to take a decision and choose the right lender.

For example: Suppose you want to apply for a loan of Rs. 3 lakhs and the rate of interest offered by the lender is 13%, so, you have to choose the loan tenor as per your convenience. If you choose 3 years as loan tenor, the EMI may count to around Rs. 10K. If you can afford to pay Rs.10K every month, then you may get a loan of Rs. 3 lakhs. You may increase the loan tenor to make the loan affordable, but longer the tenor may lead to more interest overall.

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