FMCG Interest Rate Calculator
0% interest! Take your favorite TV home. Pay later! 0%!, 0%!, 0%!.... Sounds familiar? You go to any white goods store and this kind of messages will bombard you from every side. How much do you really know about these freebies? Do you know if you are really getting a 0% interest installment scheme on your fave brand? Which is why you need our Consumer Goods Interest Rate calculator. What this one does is simple - it gives you the actual interest you end up paying on your installment plan. It starts off by asking you the loan amount you are looking at, the tenure, as well as the EMI amount. Chewing these figures, the calculator gives you an ostensible interest rate, or an apparent interest rate. Only when you add upfront fees and advance EMIs do you get the real picture. Which is what the second screen asks you to do. And then the third screen gives you the effective interest rate. Do not be surprised if there is an appreciable difference between the ostensible rate and the effective rate. How does this help? Really? You know your EMI output, so knowing the real interest rate, is that that big a deal? Knowing your effecting interest rate can be useful. Consumer goods normally come at nominal prices compared to home loans or personal loans. If you can pay for them in cash, great! But, if you do not want to do that (or you are not in a position to do that at present), the effective interest rate you capture through this calculator can give you a pointer - whether you want to go for the loan and increase your debt or wait for another three months, save up, and buy it in cash.
Note: All calculators and comparators are made based on certain assumptions which may not be true in your case. You should consult your personal financial advisor before taking any decision. Apnaloan disclaims any responsibility for any decision taken based on these calculators and comparators.