Taking loan for various reasons is a requirement now. If you purchase your dream home, buy a car, getting married, expending business etc.. you require one or other type of loan. Now-a-days it is common to borrow the loan and repay the loan along with interest in easy installments. It also helps meet the contingencies in the time of need. Most important part of any loan is calculating the Equated Monthly Installment (EMI). Another important aspect is to find how much interest will be paid in due course of time. With newly designed EMI Calculator you can find it all in your fingertip.
Equated Monthly Installment, is the amount payable every month to the bank or any other financial institution until the loan amount is fully paid off. It consists of the interest on loan as well as part of the principal amount to be repaid. The sum of principal amount and interest is divided by the tenure, i.e., number of months, in which the loan has to be repaid. This amount has to be repaid monthly. The interest component of the EMI would be larger in the initial months and gradually reduce when compared to the principal amount. The exact percentage allocated towards payment of the principal depends on the interest rate. Though your total monthly principal and interest payment won’t change, the proportion will change with time. With each successive payment, you’ll pay more toward the principal and less in interest.
With colorful charts and instant results, our EMI calculator is easy to use, intuitive to understand and is quick to perform. You can calculate home loan or car loan or personal loan EMI with this calculator. If you are planning to avail any kind of loan, use our EMI calculator to determine EMI payments against the principal loan amount and the interest on the loan and judge how affordable a loan can be for you. Always use the calculator to get a quick quote on your EMIs.
Enter the following information in the EMI calculator:
• Principal loan amount you wish to avail (rupees)
• Loan term (months or years)
• Rate of interest (percentage)
Use the slider to adjust the values in the EMI calculator form. If you need to enter more precise values, you can type the values directly in the relevant boxes provided above. As soon as the values are changed using the slider, EMI calculator will re-calculate your monthly payment (EMI) amount. Along with your EMI payment amount, you also get other useful data including :
• Total interest payable
• Total amount with interest
A pie chart depicting the break-up of total payment (i.e., total principal vs. total interest payable) is also displayed. It displays the percentage of total interest versus principal amount in the sum total of all payments made against the loan.
When you enter the loan amount, interest rate and loan tenure, the EMI calculator will show EMI amount that you would have to pay every month to your bank / HFC, the total interest payable and the total amount (Principal + Interest). Note that here EMI is calculated taking the interest rate as fixed for the whole tenure.