EMI Calculator : Home Loan, Car Loan, Personal Loan in India
EMI calculator helps you calculate your emi with ease. Calculate the EMI that you will be required to pay for your loan with our easy to understand EMI calculator.
Loan Amount: 5000000
Rate of Interest: 12
Time Period: 60
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What is EMI Calculator?
EMI Calculator assists in calculation of the loan installment i.e. EMI towards your home loan, car loan, personal loan. It an easy to use calculator and acts as a financial planning tool for a buyer.
What is EMI?
EMI stands for Equated Monthly Installment. It includes repayment of the principal amount and payment of the interest on the outstanding amount of your loan. A longer loan tenure (for a maximum period of 30 years) helps in reducing the EMI.
How does EMI calculation help in planning the purchase goods?
EMI calculator gives a clear understanding of the amount that needs to be paid towards the EMIs and helps make an informed decision about the outflow towards the loan every month. This helps estimate the loan amount that can be availed and helps in assessing the own contribution requirements and cost of the good. Therefore knowing the EMI is crucial for calculation of loan eligibility and planning your goods buying journey better.
How to use this calculator?
- Loan Amount: Input the desired loan amount that you wish to avail.
- Loan Tenure (In Years): Input the desired loan term for which you wish to avail the housing loan. A longer tenure helps in enhancing the eligibility.
- Interest Rate (% P.A.): Input interest rate.
All you need to do is input the following to arrive at your EMI:
What is Loan Amortization Schedule?
Loan amortization is the process of reducing the debt with regular payments over the loan period. A loan amortization schedule is a table giving the details of the repayment amount, principal and interest component.
EMI calculators give a fair understanding about the ratio of the principal amount to the interest due, based on the loan tenure and interest rates. EMI calculator also provides an amortization table elucidating the repayment schedule. EMI calculator provides a complete break-up of the interest and principal amount.