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What is EMI calculator

EMI stands for Equated Monthly Instalment which is a fixed amount of payment a borrower has to make to the lender at a specified date on monthly basis. EMIs consists of your principal loan amount and interest amount, payable every month.

  • The EMI remains fixed for every month, the amount paid towards principal and interest changes. The interest component constitutes a major portion of the EMI payment in the initial stages.
  • The loan period progresses and the principal outstanding reduces, the portion of interest repayment decreases. This happens until the end of the loan period when the entire loan amount has been paid off.

Types of EMI calculator

Home loan EMI calculator:

The home loan EMI calculator comes packed with features that can range from the obvious to the not so obvious. It, obviously, shows the exact EMI that will be payable every month for a specific amount borrowed and a specific tenure.

Car loan EMI Calculator:

The car loan calculator is a tool that can be used to calculate the exact amount that you will have to pay on a monthly basis when you decide to take a car loan. This calculator too will collect information related to the amount you wish to borrow, the interest rates, the processing fee and the tenure of the loan and provide you with the amount that you will pay every month.

Personal loan EMI calculator:

The personal loan EMI calculator is the ideal tool for deciding how much you can afford to pay back since it is specific to personal loans. It too collects details of how much you wish to borrow, the duration, interest rates and the processing fee for the loan.

Business Loan EMI Calculator:

EMI calculator that is available on the bank website or a reliable third-party website. The tool can be used any number of times for free. It is not only simple and easy to use but also instant and accurate in terms of results.

How EMI Calculators Work?

EMI calculator is a tool that will require you to enter the amount you want to borrow, the duration of the loan, the interest rates and the processing fee and it will do the rest. The basic formula that works behind an EMI calculator :

  • E is the amount that you will have to pay every month; basically the EMI.
  • P is the amount that you want to borrow.
  • r is the rate of interest that is applicable but calculated on a monthly basis instead of the annual rate of interest. It is obtained by using the formula r = (annual interest/12) x 100.
  • n is the duration of the loan in terms of months. So if you select a term of 5 years, n will be 60.

How to use EMI calculator

How to Use EMI Calculator?

Using this calculator is very easy. All you need are the following loan details:

  • Loan amount this is the amount you need to borrow Interest rate - the interest rate for the chosen loan scheme
  • Tenure - the loan period
  • Processing Fee (if any) - the amount charged by the lender to process the loan

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