Calculate Loan EMI
The EMI calculator uses the reducing balance method to calculate loan EMI and total interest payable using key data as provided by the user.
Calculate Loan EMI
What is an EMI?
A loan is a financial agreement between two parties, a lender and a borrower. Under this agreement, the lender gives a specific amount of money to the borrower with the intent that the amount borrowed is paid back with interest as monthly installments over a predetermined period of time by the borrower. Using an EMI calculator is the easiest way to determine your monthly payouts and balance your budget accordingly.
What is a Loan EMI Calculator?
EMI is the payment which the borrower makes every month towards loan repayment of the loan. EMI constitutes the principal amount along with the accrued interest. You can use the EMI calculator to calculate your monthly loan EMI payouts. The borrower just needs to enter the variables of the loan such as the principal amount, tenure and interest rate and it instantly fetches an result which is the EMI.
Calculating EMI using the online EMI calculator is easy and you get to know your loan EMI in seconds. Our online loan EMI calculators are available 24*7 without any cost! So calculate or compare various loan EMIs any number of times you wish to, for free.
How are Loan EMIs Calculated?
Loan amount, tenure and interest rate are the three key parameters of a loan and these vary in case of different loan providers. EMI applicable to a loan varies according to all these three parameters. Therefore, before choosing a particular loan, it is very important to have an understanding of these three parameters and how do they relate to the loan EMI. An EMI, or equated monthly installment, is the amount that is payable by you every month to the lender in order to satisfy the principal and the accumulated interest.
Calculate Loan EMIs Online Using Loan EMI Calculator
There are different types of EMI calculators based upon the types of loan such as
- Car loan
- Home loan
- Personal loan
- Education loan
- Gold loan