EMI Calculator
Loan amount
Rate of interest (p.a)
Loan tenure
₹5,000.00
Monthly EMI
₹10,00,000.00
Principal amount
₹-
Total interest
₹-
Total amount
| Month | Beginning Loan Balance | EMI | Total Payment | Balance |
|---|
The Equated Monthly Instalment (EMI) Calculator is tool that helps you compute your monthly payments for loans, such as home loans, car loans, or personal loans. This calculator takes into account the loan amount, interest rate, and the tenure of the loan to provide an accurate breakdown of monthly payments. By using the EMI Calculator, you can plan your finances effectively, determine affordability, compare loan options and make informed decisions.
Inputs needed for calculating your EMI:
Loan amount (total borrowed amount)
Interest rate (the rate of interest at which the loan is availed of)
Loan tenure (total repayment period)
With these pieces of information, the EMI Calculator generates your monthly instalment amount, helping you to manage your finances and make smart borrowing decisions. By making informed choices, you can avoid financial stress and achieve long-term stability.
FAQs
What is Loan EMI Calculator?
The EMI Calculator, an essential tool for borrowers, allows you to take wise financial decisions to ensure a hassle-free loan experience. It calculates the monthly payment amount for loans like home loans, car loans, or personal loans.
What is the formula for EMI calculator?
The EMI calculator uses the following formula:
EMI = [P x R x (1 + R)^N] / [(1 + R)^N - 1]
Where…
EMI = Equated monthly instalment amount
P = Principal loan amount (the borrowed amount)
R = Monthly interest rate (annual rate divided by 12)
N = Loan tenure (number of months)
What are the benefits of an EMI Calculator?
An EMI Calculator has many advantages. It simplifies the loan process and enables informed decisions. This tool helps you plan your finances accurately, determining affordable monthly payments and avoiding financial strain. With instant calculations, you can easily compare loan options, identify the best interest rates, and choose the ideal loan tenure.
An EMI Calculator also saves time, eliminating complex maths and reducing errors. You can adjust variables to explore different scenarios, assessing how changes affect your monthly payments. This flexibility enables smart financial planning, helping you prioritise expenses and manage debt efficiently.
How many types of EMI Calculator are there?
There are several types of EMI calculators, each catering to specific loan requirements. These include:
Home Loan EMI Calculator
Personal Loan EMI Calculator
Car Loan EMI Calculator
Education Loan EMI Calculator
Business Loan EMI Calculator
