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If you pay ₹ 1600/- as processing fees for a computer worth ₹ 40,000/- under a zero percent EMI scheme with a tenure of 6 months, your loan APR is 14.15%. For the banks, it represents their internal rate of return (IRR) on the loan. Loan APR is a more complete measure that reflects the net effective cost of your loan on a yearly basis.
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#EMI CALCULATOR MOBILE APP PLUS#
Loan APR, which is expressed as a yearly percentage rate, represents the true cost of your loan after taking into account the loan interest rate plus the fees & charges that you pay when getting a loan. The loan APR factors in these one-time costs associated with borrowing.
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When obtaining a loan, lenders charge various kinds of non-refundable fees including processing fees and documentation charges. Banks charge more than just the interest rate on loans. It is also important to understand the Loan APR concept before using these calculators. These four calculators aim to address all the above questions, and more, with an easy-to-use and intuitive interface that provides instantaneous answers.