Skip to main content

Calculate Your Loan EMI Online with EMI Calculator



Whether a person applies for a home loan, personal loan or car loan, he/she has to pay an Equated Monthly Installment. Soon after a person chooses to apply for a loan, he/she needs to research on the types of loans available in the market. Today, banks and NBFCs offer all types of loans in the market.

As you take advance cash from the financial institutions to purchase a dream home or car, it is evident that you have to pay back the borrowed money. Further, you also need to pay the interest along with the principal loan amount. The loan is paid back in EMIs and the EMI calculator makes it easy for the applicant to calculate the monthly installments.

EMI is the fixed monthly installment paid for the loan availed on a fixed time period including interest component for the period and a contribution towards the principal loan amount. EMIs depend on various factors and three important are the rate of interest, the loan amount, and the tenure of the loan.

Types of EMI Calculators
There are numerous types of EMI calculators available for the evaluation of different kinds of loans:
  • Home Loan
  • Unsecured Business Loan
  • Personal Loan
  • Loan against Property
  • Loan against Shares
  • Machinery Loan
  • SME/MSME Loan
  • Loan for Working Professionals
How to Calculate EMI?

To calculate the EMI, you will need three variables such as the loan period, the interest rate, and the present value. The interest rate is taken as a monthly rate as installments are paid on a monthly basis. For instance, if the rate of interest is 10% then, you have to divide it by 12. Also, the tenure is supposed to be the number of months. So, if the period for loan tenure is 20 years then, the tenure is supposed to be 20x12 = 240 months. As per the calculation, the EMI on a loan of Rs 50 Lakh at 10 per cent interest rate with a time period of 20 years will be Rs 48,251.

Comments

Post a Comment

Popular posts from this blog

How do banks decide on your loan eligibility?

When the person applies for any type of loan, whether it is personal, home or mortgage, one thing that the financial institution looks for is the ability to repay the amount. To be on the safer side, the applicant can make use of loan eligibility calculator as it works on mathematical formula to assess the needed loan amount. Moreover, it is the easiest and fastest way to check your loan eligibility online. Although, it takes various factors into consideration such as net monthly salary, loan tenure, running EMIs, and other monthly income. Below mentioned are the basic points on which your loan eligibility is determined: Credit History Your credit history helps banks and NBFCs to know about your behavior of payment and the way in which you settle your loans. In case, the past loan is delayed due to some reason or not submitted on time, the lower your score is likely to be. A credit score above 550 and near to 900 is good for any sort of loan eligibility. A score below an...
Post a Comment
Read more

Things to Keep in Mind before Applying for Home Loan

Whether it is about buying a home, already owning one, thinking of moving house or just getting a second real estate property, a home loan is the perfect solution for all the problems. A home loan is a long term commitment. Before applying for the home loan process, it is important to analyze your total eligibility, which mainly depends on your repayment capacity. Ensure that the home you are buying also meets a certain criterion. Here are a few things buyers need to check before applying for a home loan : Information The foremost thing to keep in mind is the location of the property you are planning to purchase. Buyers need to understand whether the property they are buying is good enough, the builder has a good record in terms of successful delivery or the builder has all the needed permissions. Home Loan Interest Rate Before applying for a home loan, it is essential to compare the home loan rate of interest of at least 4-5 banks. Always opt for the cheaper one ...
Post a Comment
Read more

What are the Benefits of Unsecured Business Loan?

Whether it is a big firm or small, the success of the business is always determined by the soundness of its financial status. Thus, it becomes imperative for business owners to arrange enough finance to meet numerous daily and unplanned expenditure of their business. In the competitive market, one can require funds anytime and delay in arranging funds can hamper the work. In such a situation, it is better to manage desired finance with the help of unsecured business loan as it can be availed with no collateral and easy documentation. With so many banks/NBFCs offering unsecured business loan at lower interest rates, it becomes tough to select anyone. It is here that IndiakaLoan comes into the picture as it is one of the most preferred collateral-free unsecured business loan providers. Some of the benefits you can avail from IndiakaLoan offerings: It provides loan for every type of enterprise venture with cash credit limit ranging from Rs 10-40 lakhs to support busi...
Post a Comment
Read more