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Introduction
If you are struggling while planning the loan, don't worry. We are here representing an easy-to-use online EMI calculator tool that works accurately on all devices, including smartphones, computers, and laptops. Using this website, users can plan their loans better. Just fill in the input fields such as loan amount, loan interest rate, and loan tenure to get a quick, accurate, and detailed result in the form of a graph and table.
Our graph's representation and table's detailed data will quickly help the user in understanding the total interest on the loan and the final amount the user has to repay to the financial institution or bank. The table gives year-over-year data with interest and principal amount, and also shows the remaining loan amount for each year.
What Is EMI?
EMI is an abbreviation of Equated Monthly Installment. It is a monthly installment amount that borrowers have to pay to the bank or financial institution until the loan is repaid in full. Each installment consists of interest as well as principal. It can be for any entity, such as a car, home, or personal loan.
So if you are planning to take a loan from any bank or finance company, then it will be good to understand it well. Including loan tenure, loan EMI, and rate of interest. You can take details of loans from multiple banks or financial companies, then you can compare which loan will be good by comparing each loan using the collected data with our EMI calculator. Thus, by using our calculator, you can easily get the conclusion for which loan will be good.
EMI Calculation Formula
EMI = [P Ć R Ć (1+R)^N] / [(1+R)^Nā1]
Where,- P = Principal loan amount
- R = Monthly interest rate (Varies according to the bank or the financial institution)
- N = Loan tenure in months/year
What Is an EMI Calculator
This is an independent EMI Calculator for indians developed after taking suggestions from many experts in this field. We are not affiliated with any banks or financial companies. We are here to present the online EMI Calculator tool so people can calculate the loan EMI and other important data by using our online tool.
We generally offer an EMI calculation facility for different kinds of loans. Such as home loan EMI calculator, personal loan calculator, car loan calculator, gold loan calculator, study loan calculator, etc.
How To Use the EMI Calculator?
To use our free tool, you just need to know the loan interest rate and the loan tenure with the principal loan amount.
If you know this, then select the type of loan you are going to take. Such as a home loan, car loan, or personal loan. Then enter the loan amount, the interest rate, which will be in percentage, and lastly, enter the loan tenure. Finally, click on the calculate button to get the graphical as well as table form detailed data for your loan. With our tool, people can calculate detailed data for every year for the loan that they are planning. Using table data, they can understand how much loan and interest they are going to pay every year, as well as the total interest.
Kinds of Loans You Can Calculate With Our Tool
- Home Loan
- Car Loan
- Personal Loan
- Education Loan
- Business Loan
- Gold Loan
FAQ's
Can I Use This Tool For Any Bank OR Any Type Of Loan Calculation?
Yes, you can. Just input the key data to get the accurate result.
Can I prepay the loan?
Yes, decreasing loan tenure can save money on loan interest.
How Tenure Can Affect EMI?
Long term tenure decreases the EMI amount, but it will increase the final principal amount.
How To Save Money on Loan Interest And Close a Loan Fast?
You can pay one extra EMI every year to save a large amount of money on the loan interest.
Conclusion
Using our tool, people can smartly plan their loan EMI and calculate other factors of the loan in an easy way. Thus, this is one of the best EMI Calculator websites in India that offers a loan calculation facility online. Currently, we are offering home loan, personal loan, and car loan EMI calculators. Our website works great on all devices with a minimum internet speed. For any suggestions and queries, contact us.