What is a Loan EMI Calculator
An EMI calculator is a user-friendly tool that helps you calculate and plan your EMI repayments. Just enter your loan amount, tenure and interest rate to know your accurate result.
How to Use an EMI Calculator
Using our EMI calculator is as easy and convenient. All you have to do is:
Step 1: Enter the loan amount.
Step 2: Add the interest rate.
Step 3: Enter the loan tenure.
Once you have entered all the details, the calculator will automatically display the loan principal amount and interest payable.
Note: The calculated amount is just the estimation of monthly EMI based on the details entered in the calculator. Your actual monthly EMI may change based on other loan terms and conditions.
Factors That Influence Your Loan EMIs
- Loan Amount: The loan amount or sanction amount typically determines the EMIs. The higher the loan amount, the higher the EMIs.
- Interest Rate: Interest rates are directly related to your EMIs. The higher the interest, the higher the EMIs.
- Loan Tenure: Your loan tenure is your repayment period. The longer the tenure, the lower the EMIs, and vice versa.
Different types of EMI Calculators
- Personal Loan Calculator: The Personal Loan EMI Calculator is one of the best tools to help borrowers make informed decisions. It helps to calculate EMI within seconds and plan the loan tenure.
- Business Loan Calculators: Borrowing money at an affordable interest rate is essential for business owners. A Business Loan EMI calculator helps to manage repayments effectively
- Professional Loan EMI Calculator: A Professional Loan EMI Calculator helps self-employed individuals like Doctors, CAs, and CSs plan their monthly loan repayments based on loan amount, interest rate, and tenure.
- Pre-Owned Car Loan Calculators: A Pre-Owned Car Loan EMI calculator helps decide the loan tenure for used car loans. EMI can be calculated with a few clicks by mentioning the amount, interest rate, and tenure.
- Loan Against Property Calculator: Given that borrowers offer assets as collateral for a Loan Against Property, using an online EMI calculator is helpful to guarantee a convenient payback process.
- Medical Equipment Loan Calculator: A Medical Equipment Loan calculator is a tool that helps calculate EMI by choosing the most suitable loan amount and tenure. This allows the borrower to estimate monthly payments for a Medical Equipment Loan.
- Machinery Loan Calculators: A Machinery Loan Calculator helps find the EMI amount for a Machinery Loan Based on the interest rate, tenure, and loan amount.
Benefits of Online EMI Calculator
- Convenient: Calculate your loan EMIs online anytime and anywhere at your convenience. Just enter the loan details and get accurate EMI calculations within seconds.
- Accurate Results: Get accurate results with our EMI calculator, ensuring precise estimations of your monthly payments.
- Financial Planning: Get valuable insight into your loan repayment and plan your loan EMIs accordingly.
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Frequently Asked Questions
The formula for calculating a loan EMI is:
EMI = [P x R x (1+R) ^ N] / [(1+R) ^ (N-1)]
Where,
P - Principal Amount
N – Loan Tenure
R- Interest Rate
A repayment schedule is a document showing how the borrower needs to repay the loan through a series of equal monthly payments called EMIs.
Failing to pay your EMI can lead to various consequences like a drop in the credit score, late payment fees and interest on the failed amount.
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