Knowing how your EMI is calculated is vital for sound financial planning and maintaining monthly budget discipline. An EMI calculator simplifies this by helping you test different loan scenarios, compare interest rates and tenures, and clearly assess repayment commitments in advance.
The benchmark one-year tenor MCLR, which is used to price most consumer loans such as auto and personal, is now pegged higher at 8.95% against the earlier rate of 8.85%
