EMI Calculator

It doesn’t matter whether you are applying for a car loan, home loan or a personal loan; you ought to pay an Equated Monthly Installment or EMI. Well, our team provided an advanced and accurate EMI calculator that helps to calculate the monthly amount which is to be paid by the loan borrower to the bank/financial institution from where the loan is taken.
Let’s ahead to know about the EMI!

What Is EMI?

An EMI stands for Equated Monthly Installment; it is a financial term that utilized for loan repayments. In simple words, EMI is a quick and easy method to pay off any type of loan. No doubt, when an individual takes a loan from a bank or financial institute, normally the repayment of the loan is made mainly in specific monthly installments. Yes – these fixed financial installments are referred to as EMI’s. Keep in mind; the amount of EMI is based on the principal loan amount, tenure and the interest rate, our emi calculator also dependent on these factors.

What Is The EMI Formula?

Our accurate emi calculator also uses the same EMI formula for calculating (Equated Monthly Installment). If you want to calculate EMI manually, then you have to put the values in the given formula for EMI’s:

EMI Calculation Formula Is:

EMI = [P *R * (1+R) ^N] / [(1+R) ^N-1]

Where;

‘P’ is the loan amount or principal

‘N’ represents the number of monthly installments

‘R’ represents the interest rate per month – if the ‘R’ per annual is 10 %, then the value of ‘R’ will be 10/12 * 100

Additionally, you can do car loan, home loan and personal loan emi calculation with the ease of our personal loan emi calculator.

Calculating EMI Becomes Easy With EMI Calculator:

A significant and reliable EMI calculator through which the calculations have been further simplified for the loan borrowers. The tool performs calculations based on the following factors, namely loan amount, interest rate, and tenure of the loan. If you are planning to get a loan, then the above tool is an ultimate option to get an idea about the money which you’ll have to pay monthly to the bank. And, if you are already taken loan don’t to worry more, the above Equated Monthly Installment calculator can help you to have an estimate of monthly installments.

In simple words, this finance calculator helps to plan your EMI and Loan amount for a car loan, home loan, personal loan etc.

Nowadays, the banks and financial institutions in India will offer different kinds of loans to fulfill different property buying needs of the residents. Well, some banks in India offer efficient and best EMI calculator to help the borrowers to determine the equal monthly installments.

How to Use Home Loan EMI Calculator:

No doubt is an ultimate option for the loan applicants as it helps to calculate the monthly installments and even schedule the payments. Stick on the given steps to calculate EMI of your loan:

• First of all, you have to enter the principal loan amount that you wish to avail or already availed in the field of ‘Loan Amount.’
• Right after, enter the rate of interest (percentage) in the field of ‘Interest Rate %.’
• Then, you ought to enter the loan term in years in the field of ‘Tenure Years.’
• Finally, hit the calculate button of this emi calculator to get the total EMI, interest and principal amount (Payable)

Benefits of Knowing Your Home Loan EMI in Advance:

The benefits of knowing your home loan EMI in advance are includes:

• An EMI helps in knowing loan affordability
• It helps you in deciding the amount of loan
• It helps in planning out the repayment of the loan
• Also, it helps in planning the pre-payment process of loan

Is The EMI Amount Changes or Remains The Same Throughout The Loan Tenure?

• The changing of EMI amount based on choices of the borrower that will make while adopting a specific EMI plan and paying it
• Floating Interest Rate – If the borrower opts for this rate, then the EMI amount will vary every time the lender sets a new floating rate. But, the borrower can ask the lender to change the loan tenure instead of EMI amount
• Prepaying the Loan Amount – if the borrower pre-pays the loan amount in the given or specific tenure, then the EMI amount changes. According to the remaining principal, the pre-paying loan reduces the principal amount on loan and even the interest rate changes. At this phase, the borrower can able to ask the lender to change the tenure of the loan amount instead of EMI amount
• Opting for Progressive EMIs – No doubt, sometimes the borrowers are unable to pay the amount of EMI in bulk sums, so they opt for this option. Here many lenders offer to repay the amount of loan in smaller EMIs in the starting of loan repayment tenure – remember that this is a fixed period
• Very next, the borrower can pay the debt in larger Equated Monthly Installments (EMIs).
• Furthermore, you can use the emi calculator to get an idea about these installments

Before Buy A New Car:

No doubt, buying a brand new car involves several steps, so the first one is to start with a feasible budget. Our car loan EMI calculator will assist people in their decision to choose the best car that fits their budget. Usually, in India, people use this tool to get an accurate idea of how much they will be able to spend on a car.

Final Words By Calculator-Online:

The calculations that are given by the above tool helps you to plan your EMI when you take a loan; all the calculations are just estimations. So, before making any decision, you ought to consult with your finance expert – Good Luck!