In the series of providing more and more free utility tools for iPhone users, Roseindia Technologies Pvt. Ltd. is once again offering the introductory version of an EMI Calculator with the tool name of EMI Calc. The EMI Calc provides you very accurate calculating results of your debts. This utility tool is launched with two types of calculations – one Equated Monthly Instalments (EMI) and the second is Affordable Loan Calculation (ALC).
The first EMI Calculation tool has been developed to calculate the equally monthly instalments of the borrowed loan or the debt, which anyone wants to borrow from the bank or any financial institution. The EMI Calculator tab of EMI Calc calculates the exact amount which the borrowers would have to pay for repaying the loan in the given time period and interest rate.For Example-1.:
Suppose if a borrower 'ABC' wants to take a personal loan of Rs.2,00,000 from XYZ bank at an annual interest rate of 18% for the period of 2 years. How much amount will he/she have to pay to repay the debt amount in the debt period every month.
This can be calculated in a very easily manner from our free utility tool – EMI Calc at free of cost.
Note: There is a big advantage of using EMI Calc, as it also displays the amortization table by clicking on the ' Amortization Table button.
An Amortization Table is a table containing different tab of different fields like principal amount, interest levied, month of repaying the loan and the balance amount for the next month.
The Amortization table helps the users to assess and analyze the criteria of repaying the loans. The lenders first attract more interest in the comparison of principal amount and as the time passes the interest charges gradually decreases and principal amount increases proportionally to make the equal instalments.
There is another advantage of using iEMI Calc that you can opt any five international symbolic currencies – 'INR' (Indian National Rupee), Dollar (US) '$', Pound ' £' (British Currency), Euro ' €' European Union Currency and Yen ' ¥' (Japanese Currency). You can select any one out of five by clicking on 'select currency' button.
The second types of calculation can be done by selecting second choice of Affordable Loan Calculator (ALC). The ALC tool informs you about the affordable eligibility of your debt by calculating on the basis of monthly instalment allocation, annual rate of interest and time period.For Example-2:
Suppose, you can allocate Rs. 10,000/- per month from your budget every month for repaying a loan of 2 years span which attracts 24% annual rate of interest; How much amount can you get from the lenders?
This can also be solved from our free utility tool EMI Calc using Affordable Loan Calculator tab.
How to use this tool?
Using our EMI Calc is very easy and handy. Our developers has designed this tool very user friendly, and offered several choices for making it more useful and relevant.
As you open the tool by clicking on the EMI Calc icon, the front side of the calculator would open. It displays the title of the tool – ‘EMI Calculator’. Below this, the two tabs appear – 1. SELECT CURRENCY 2. EMAIL
On the foot side, three tabs will appear:
EMI Calculator, Affordable Loan and Info.
The default selection is EMI Calculator.
1. The method of using EMI Calculator tab:
Click on Select Currency tab for opting your currency on which you want to take the loan.
After selecting the currency, click on EMI calculator button given left upper side. The currency will be selected automatically.
Enter the fields and click on done button of the keyboard.
You will get the results displaying of EMI, Total interest and Total Payment.
Let’s solve the first example-1:
The answer of the first example will be:
EMI : INR 9984.83
Total Interest : INR 39635.88
Total Payment : INR 239635.88
If you click on Amortization Table button;
A table will be displayed on the flip side containing the illustrative fields of No of months, EMI, Interest, Principal amount and Balance.
2. The method of using Affordable Loan tab:
Using Affordable Loan tab is equally easy as previous tab.
Open the EMI Calc by clicking on the icon.
Click on the Affordable Loan tab given at the mid of footer.
The calculator will open.
Fill up all the three fields and click on done button of the key board.
You will see the result immediately.
The result will show three fields – Affordable Loan, Total Interest and Total Payment.
The third tab is about info tab in which you will see the small description of Roseindia Technologies Pvt. Ltd – the maker of this free utility app for iPhone.
Advantage of Using EMI Calc tool:
1. It offers highly results within milliseconds.
2. Choice of currency selection
3. Amortization Table – for easy and descriptive assessment and analysis.
4. This app is freely available to download on your Mac Machine or iPhone.
You can download this app from Apple’s official software store iTune at free of cost. http://www.apple.com/itunes/
Application Description of EMI Calc
iPhone Application, EMI Calc, Mac OS X
Application Name: EMI Calc
Primary Category: Utility Tool
Version Number: 1.0
SKU Number: EMICalc-01
Release Date: 16/12/2010
Icon Size: 60*60
download it from the following url:
We request you to call us at +91 9313063554 or email us at [email protected] for you software development needs.