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Estimated monthly installment (EMI) fixed amount made by the borrower to the lender (bank) each month. EMI payments are an important part of loans. It is a difficult task to determine the amount of EMI. By using the EMI calculator, finding the EMI value is quick and easy.
What is EMI?
Estimated Monthly Installment - EMI for short - the amount paid monthly to the bank or any other financial institution until the loan amount has been paid in full. It contains interest on the loan and part of the principal amount to be repaid. The principal amount of interest and interest is divided into a period, that is, the number of months, during which the loan must be repaid. This fee must be paid monthly. The EMI interest rate will be higher during the first few months and will gradually decrease with each payment. The exact percentage allocated to the principal payment depends on the interest rate. Although your monthly EMI payment will not change, the amount of capital and interest will change over time. For each successive payment, you will pay more towards the principal and have a lower interest rate.
What is an EMI Calculator?
EMI Calculator is a handy tool, which helps you calculate your monthly loan amount. You can use an EMI calculator and calculate the amount of EMI on a car loan, home loan, bike loan, or personal loan. You get an idea of the monthly payments you make on these loans.
The EMI calculator has three slides in the box with the loan amount, number of months, and interest rate. After completing the details using the slide, the EMI calculator shows how much you have to pay each month, to pay off the loan at your chosen time.
EMI represents the Estimated Monthly Installment of the loan you receive from your bank. EMI is a major component of loan and interest rates. Therefore, EMI = principal amount + interest paid on the loan. EMI, for the most part, is fixed over the duration of your loan period and will be repaid over the term of the loan on a monthly basis.
Types of EMI Calculators
There are different types of EMI calculations, depending on the loan you plan to take.
Home Loan EMI Calculator
Home loans are one of the most common bank loans taken annually. They usually have a principal and a long stay. That’s why it’s important to do all your calculations before you take out a home loan. Our easy-to-use home loan calculator will let you know how much you have to repay the EMI for the loan so you can deal with your finances before going to the bank.
Car Loan EMI Calculator
Before buying your dream car, make sure you use the numbers with our car loan calculator. There are many loan programs available on the market to buy cars, which is quite tempting. However, it is important to remember that if you are unable to repay the full amount of your car loan, the bank may repurchase your car.
Personal Loan EMI Calculator
Personal loans have become quite common these days. You get a personal loan by going on vacation or renovating your house from various banks. We can help you estimate your loan details in terms of how much you will pay EMI to banks. It's quick and easy with our personal loan calculator.
How to use this EMI Calculator?
* Use the slider to select the loan amount.
* Choose a loan period for months using a slide.
* Move the slider and select Interest Rate.
* Re-calculate your EMI at any time by changing the input slides.
* EMI will be calculated as soon as you submit the slides.
* With colourful charts and quick results, our EMI Calculator is easy to use, accurate to understand and quick to implement. You can calculate EMI for home loans, car loans, personal loans using this calculator.
Factors that can impact your due amount
When you plan to take out a loan for your financial needs, you need to calculate the amount you will pay in the monthly installments to match your repayment capacity. For this, you will need to take a few considered alternatives to meet your loan requirement and repayment requirements:
Interest Rate (ROI): The interest rate on the loan you use will contribute to finding the right installment amount. The best way is to compare different loan products and choose the one that works best for you. A lower tax rate will mean that the total amount you pay interest will also be lower.
Loan amount: The loan amount will also help in determining the total EMI amount you have to pay. Therefore, choosing a loan wisely is an important step
When the loan period changes If a person is able to get a loan or downtime, the Estimated Monthly Installment on the loan will also increase or decrease accordingly to suit the new loan period. If you choose to stay longer, you will have to pay more interest later. However, the short term of the loan will translate into a lower interest rate but higher EMIs are higher.
Frequently asked questions
Are the calculators for home, car and personal loans the same?
How can I use the EMI calculator to find the best loan for my needs?
Is the Equated Monthly Instalment amount shown by the calculator the same as that which the bank will ask me to pay?
Are EMI calculators more accurate than excel calculators?
What happens if I fail to make an Equated Monthly Instalment payment?
Will the EMI calculated by the bank be different from the EMI calculator?
Is my loan EMI fixed or can it change over the loan tenure?
Is it good to pre-close a loan before the end of its tenure?
Krishna Gopal Varshney
“Krishna Gopal Varshney co-founder & CEO of Myitronline.com. Myitronline is amongst the top emerging startups of Asia and authorized ERI by the Income Tax Department. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. ”