EMI Calculator for all your loans such as Car loan, personal loan, Housing loan is provided on this site. Use this Equated Monthly Installment Calculator (EMI) to calculate accurate monthly EMI amount to be paid. Along with the loan EMI, you can also get the total payable interest, total payment (Principle + Interest). Car loan calculator, Home loan calculator, Personal loan calculator including the steps to use these calculators are mentioned in this article. You may have some doubts such as What is EMI? What are the benefits of EMI? What are Types of EMI?. Therefore, to get the entire details regarding the EMI have a glance at this page.
EMI Calculator – Equated Monthly Installment
Nowadays everyone prefers the EMI to buy any product. Because to pay the large amount at a time may be difficult. So, it is the better option for every individual to pay EMI amount monthly. Therefore, the Equated monthly instalment (EMI) calculator is necessary to calculate the loan amount to be paid per month. Name itself says that it is a monthly instalment to be paid to the lender. All the common types of loans such as a car, loan, personal loan, mortgage loan etc are facilitated with the EMI. In other words, the EMI calculator is nothing but the principle and the interest rates are calculated and the total is divided by the EMI tenure period. The EMI calculator is useful to calculate the long term and short term EMI interests within a few seconds.
The EMI may vary depending upon the various EMI payment plans. So, you can simply enter the principle amount and tenure to check the EMI fixed payment amount per each month. The EMI should be paid till the loan amount along with interest is completely cleared. EMI manual calculation is difficult and the waste of pen and paper. So, it is better to use the EMI loan interest calculator. We have also given the EMI formula below.
What is EMI?
The EMI is a fixed amount to be paid by the borrower to the lender every month till the total principle loan amount is repaid. The EMI is available for all different types of products and loans. EMI interest rate is also varied for different loans. The amount you pay every month is calculated depending upon the tenure. EMI tenure is nothing but the total number of months the loan instalment is paid. The EMI payment options ARE 2, i.e., fixed rate EMI, floating rate EMI.
What is EMI Calculator?
Equated monthly instalment calculator is commonly known as EMI calculator. With the help of this EMI calculator, you can calculate the home loan EMI, personal loan EMI, car loan EMI, education loan EMI, Vehicle EMI, etc. It is available on many websites. The EMI Calculator online is free of cost. So, you can make use of this Online EMI calculator and pay your monthly instalments on the specified date. You can also calculate EMI using the excel sheet. But, Excel sheet EMI calculation is complicated when compared to the EMI loan calculator.
Features Of EMI Calculator
- The Accurate calculation is made using the EMI calculator.
- EMI loan calculator has high speed which given the output within seconds.
- It is very convenient and easy to use by everyone.
- Separate EMI calculator for each type of loan i.e, Car loan EMI calculator, Home loan EMI Calculator, Personal loan EMI calculator.
- Fast and exact values are displayed on the EMI calculator.
How to Calculate EMI?
The EMI calculation is so simple and easy. The EMI calculation depends on the following 3 major requirements
- Loan Amount/ Principle.
- Interest Rate.
- Tenure Of the loan.
The loan amount is the maximum amount a borrower borrow from the lender. It may be a combination of different factors like loan program, property value, etc.
An Interest rate is defined as the proportion of loan which is charged to the borrower as interest. The rate of interest is in terms of percentages of the principle.
Tenure Of the loan:
Usually, the loan is sanctioned for a particular period, that duration is known as loan tenure. The loan tenure is different for different types of loans. In case, of a personal loan, education, car loans the tenure is short whereas in the case of house loan the tenure is long term. LoanTenure may be in terms of month or years.
Formula To calculate EMI
E= P.r. (1+r)n/((1+r)n-1).
E stands for EMI.
P stands for Principle/loan amount.
r stands for Rate of Interest.
n stands for tenure/ loan period or duration.
Observe the example given below; then you will get a clear idea about how to calculate EMI?
- Consider the loan amount as Rs. 10,00,000.
- Interest Rate is 11% for 12 months i.e, 11%/12 months = 0.0091.
- Loan period/ tenure is 15 years or 180 months.
Now, use the formula
E= P.r. [ (1+r)n/((1+r)n-1) ]
Substitute the values as shown below.
E= (10, 00, 000)(0.0091) . [(1+0.0091)180/((1+0.0091)180-1)] .
= 11,365.96 per month.
The above process is hard and takes some time to calculate the EMI. So, use the EMI Calculator to get the instalment amount. Even the calculator uses the same process for EMI calculation. Therefore, we have also given the Stepwise process to use EMI calculator below.
Loan EMI Calculator Types
All the loan interest calculators are same. In few cases, there may be some basic changes. Those main changes will be in the tenure. The loan calculators available on our site are as follows.
- Personal loan calculator.
- Home Loan Calculator.
- Car Loan Calculator.
How to Use EMI calculator?
It is very easy to use this calculator. First of all, select the EMI calculator type. Then, make sure that you know the Principle rate, interest rate, and tenure. If you have these 3 values, you can get the instalment amount per month. The output of the EMI calculator has the total interest payable, total payment and the Housing loan EMI.
How To Use Home Loan EMI Calculator?
- First of all, click on the home loan interest calculator at the top menu bar or click the below link.
- Now, you have to enter the Home loan amount which is Principle.
- In the next block, you have to enter the Home loan interest rate.
- Clearly, enter the loan tenure (it may be in months or years).
- Finally, click on calculate and the House loan EMI per month will be displayed.
How To Use Personal Loan EMI Calculator?
- Click on the Personal loan EMI calculator which is at the top of the home page or click on the below link.
- Firstly, enter the interest rate and Personal loan amount in the space provided.
- Carefully, enter the personal loan tenure in months or years.
- Again verify the loan amount whether it is correct is not.
- At last click on “calculate” button.
- Within a fraction of seconds, the EMI for the personal loan is obtained.
How To Use Car Loan EMI Calculator?
- At the top of this page, you will find the menu bar.
- In that, select the EMI calculator for a Car loan or click on the below link.
- Carefully enter the Car loan amount, car loan EMI interest rate.
- The 3 rd parameter you have to enter is car loan tenure (Years/ months).
- Finally, click on “calculate”.
- You will find the car loan EMI to be paid per month.
- Check the EMI amount and pay car loan EMI without fail.