EMI (Equated Monthly Installments) CALCULATOR
India is currently the 4th largest credit industry in the world, recording a CAGR of over 11% per year. Most of these advances are short-term credits such as credit cards and personal loans. Loan repayments consists EMIs and borrowers should consider the EMI amount to plan their current and future amounts.
There are various EMI calculators available online. A person must choose the accurate EMI calculator and learn to calculate the accurate EMI amount that they are responsible to pay for a loan.
Factors Affecting Your Due Amount
There are few elements that you need to keep in mind when applying for a loan. Depending upon your financial status, it is necessary to calculate the EMI or equated monthly installments.
Some factors to consider are –
- Term of the Loan
The term of the loan may get reduced or extended. Later, there will be an rise or a decrease in the EMI amount also.
- Rate of Interest
The rate of interest is a primary factor that will help to estimate the installment amount you own. You can compare the product and choose the one with lower rate of interest.
- Amount of Loan
Choosing the loan amount is also an important factor for determining your EMI. Depending on the loan amount you choose, your equated monthly installment will be calculated consistently.
How can an EMI calculator help you?
The online EMI Calculator can be very helpful in the following ways :
- It helps you get the correct calculation of your EMI amount so as to plan your finances properly. You need to ensure that your debt-to-income ratio does not exceed 50% to maximize your chances of loan approval.
- This calculator saves you valuable time. You need not go through the difficult calculations manually, which consumes alot of time.
- It does not make any errors and provide you the accurate results in seconds.
- It is determined for all types of loan.
The formula to find out the loan EMI amount
This formula is used to a calculate the EMI amount for a loan.
EMI = [P x R x (1+R) ^N]/ [(1+R) ^ (N-1)]
Here –
- P = principal amount
- R = rate of interest
- N = loan tenure
Types Of EMI Calculator
There are different types of EMI Calculators that you can use on to compute your equated monthly installments or EMI for housing loans, personal loans, car loans, education loans etc.
- Home Loan EMI Calculator
Home loans have a long term and a huge loan principle amount. Proper planning is needed for its repayment. One can use our Home Loan EMI Calculator to calculate the EMI of your home loans. This calculator is easy and simple to use and can help you calculate your home loan EMIs right away.
- Car Loan EMI Calculator
One of the primary investment we consider is buying a car. One needs a car loan to fund this considerable investment. A car loan’s EMI is to be repaid with due interest within a specific time to the. If you fail, your car may be taken away and put up for auction to recover the amount which is to be paid. Therefore to precisely calculate the car EMI amount, our Car Loan EMI Calculator can be of great use.
- Personal Loan EMI Calculator
Personal loans are taken mostly for various purposes like medical emergency, vacation, wedding, home renovation, etc. These loans are all insecure an have a high interest rate and are short term loans. To make your calculations easy you can use our Personal Loan EMI Calculator to find out the loan and EMI amount that you have to pay.
- Education Loan EMI Calculator
Educating children has been a difficult task for the parents as the education cost have risen rapidly. In such a case an education loan is one of the best options a parent switch for. Such loans can be taken for the education of the student within the country and abroad. With the help of our Education Loan EMI calculator you can easily calculate your EMI for you education loans.
- Loan against Property EMI Calculator
Loan against property is a secured loan that a person can avail against a property which they own. It may be residential, commercial,land or any other property which can be contracted with the lender against a loan. For calculating the loan against property EMI amount you can use our Loan against property EMI calculator.