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EMI Calculator

What is EMI Calculator?

An EMI Calculator is an online tool to get an approximate picture of required monetary funds to buy an immovable asset. It reflects the EMI value by evaluating total loan amount, rate of interest, and loan tenure. It helps investors to understand the needed financial capacity to make real estate investments.

An EMI Calculator is an ideal widget for financial planning as it renders clarity to weave a peaceful future.

What is EMI?

An EMI is an equated monthly instalment a buyer is required to pay every month against the purchase of an immovable asset. It is the total payable amount accumulating principal and interest amount.

How to Use EMI Calculator?

An EMI Calculator is easy as it shows the accurate value of the EMI to be paid by adding value to the required fields. The formula for calculating the equated monthly instalment is:

EMI = [P x R x (1 + R) ^ N] / [(1+R) ^ N – 1]

Here;

P = Principal Loan Amount

R = Rate of Interest

N = Loan Tenure in Months

Benefits of EMI Calculator
  • An EMI Calculator is a time-saving option to find the exact loan repayment value every month. Going by the pen and paper, or the manual way of calculations is time-consuming. Whereas, an EMI Calculator fetches values in the fields to formulate a solution and reflects the EMI value.
  • An EMI Calculator is easy to use as investors can check for EMI payment value while on the go. Thus, a dedicated place or time is not a requirement to assess the repayment value against a property purchase.
  • The variable input option lets the investor select the loan amount, tenure, and rate of interest as per his/her preference.
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FAQs

EMI is an equated monthly instalment of a fixed monetary value for every month with the inclusion of principal and interest amount.
Firstly you must keep a sufficient account balance to avoid EMI bounce which has adverse effects on the credit score. Also, the loan borrower has to pay extra charges or late fees for not submitting the EMI on time.
Certainly yes, paying a lump sum or short but regular payments alongside the EMI, lowers the actual EMI value and helps in faster repayment of the loan amount.
It depends on the type of interest rate mentioned in your loan agreement. There are two types of interest rates, one is fixed and the other is floating. For better assistance on the effect of changing interest rates, get in touch with your banker.
The EMI calculation depends on the total loan amount, rate of interest, and the loan duration. EMI = [P x R x (1 + R) ^ N] / [(1+R) ^ N – 1] Here: P = Principal Loan Amount R = Rate of Interest N = Loan Tenure in Months