How Is EMI Calculated on My Medical Loan?
Posted by KushiBL on March 24th, 2020
A medical loan is no different from a personal loan. The EMI calculation methodology that applies to a personal loan also applies to a medical loan. Besides getting an emergency loan at the right time, you can reap better benefits without any push or pull of approval through Buddy Loan, one of the best loan aggregators.
Certain banks can lend medical personal loans with zero processing fees.
EMI calculation methodology on medical loan
The formula is:
P x R x (1+R) ^N] / [(1+R) ^N-1
Where P is the principal amount.
R is the rate of interest per month.
N is the tenure of the loan in months.
^ is to the power of
Features of medical loan
How are medical emergency loans different from medical loans?
How to apply for a medical loan?
Medical equipment loan is not medical loan
Often a medical loan is confused with a medical equipment loan. The latter is a business loan to procure medical equipment to set up a business such as a hospital, clinic or laboratory. It is also called as healthcare finance. Weigh your words carefully before you question your customer care.
If used wisely, and taken only when needed, a medical loan is a great savior in times of need. It is advisable only to take this healthcare personal loan to cover critical or dire-need medical expenses.Also See: Medical Loan, Personal Loan, Medical Emergency, Medical Equipment, Medical, Loans, Loan
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