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How is EMI calculated for a Micro Loan?
It’s based on the loan amount, interest rate, and repayment tenure.
Can I prepay my Micro Loan?
Yes. You can prepay the loan without any penalties.
Is the EMI for Micro Loans fixed or variable?
It is usually fixed for the entire tenure.
What is the maximum tenure for a Micro Loan?
L&T Finance offers Micro Loans for a tenure of 24 months to 36 months.
What is a Micro Loan EMI Calculator?
A Micro Loan EMI Calculator is an online tool that helps you estimate the Equated Monthly Installment (EMI) you would need to pay for a Micro Loan. It helps you understand your monthly repayment obligations based on the loan amount, interest rate, and repayment tenure.
What information do I need to use the calculator?
To use a Micro Loan EMI calculator, you typically need to input:
- The desired Loan Amount
- The Interest Rate
- The preferred Loan Tenure
What factors influence the EMI of a Micro Loan?
The primary factors are:
- Loan Amount (Principal): A higher loan amount will result in a higher EMI, assuming other factors remain constant.
- Interest RateA higher interest rate leads to a higher EMI. Micro Loans often have slightly higher interest rates than traditional loans due to the risk profile.
- Loan Tenure A shorter tenure will result in a higher EMI but lower overall interest paid. Conversely, a longer tenure leads to a lower EMI but a higher total interest payout over the loan period.
