What formula does the travel loan calculator use to measure the EMI?
Like most other loan calculators, the travel loan calculator uses the following formula: [P x R x (1+R)^N]/[(1+R)^N-1].
The ‘P’ refers to the principal amount you will borrow, the ‘R’ refers to the rate of interest and ‘N’ refers to the number representing the loan duration.
So, let’s assume you want a travel loan for Rs 90,000. The rate of interest entered is 12% and the loan duration has been set at 48 months.
Based on this information, the travel loan EMI calculator will use the given formula and estimate the EMI at Rs 2,370. It also tells you the overall amount you will pay, including the total interest paid over the tenure.
- What formula does the travel loan calculator use to measure the EMI?
- Does the user have to upload any travel loan documents to use the EMI calculator?
- Is the result given by the travel loan EMI calculator accurate and reliable?
- Is the travel loan calculator the same as a travel insurance plan calculator?
- Does the travel loan calculator also consider the credit score of the potential borrower?