﻿ EMI Calculator | Calculate EMI online today - FreEMI

# EMI Calculator

Required Loan Amount
Interest Rate
Tenure In Months
If you avail loan amount of  1 lakh at 10.99 interest rate, you would have to pay  8838 as EMI amount for a tenure of 12 months.

* The result is based on historic performance of Personal Loan EMI

8838

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# Overview of EMI Calculator

When you take a loan, you need to repay the amount along with the interest rate charged by the financial institution. The loan repayment method is through EMI. What’s an EMI? Let’s explain it briefly. EMI an abbreviated form of Equated Monthly Instalment which is the amount of money that you pay to the lending institutions on a monthly basis at a certain date. You can easily calculate your EMI using EMI Calculator which gives you a clear idea of your monthly payments and helps in managing your finances accordingly.

EMI is divided into two parts namely the principal amount and the interest rate charged on loan. During the initial period, the interest amount remains higher than the principal amount in the EMI payment. But as loan repayment period progresses, the interest repayment amount decreases, so the principal outstanding amount also reduces.

Before taking a loan, if you want to know your loan repaying amount for a certain time period at a particular interest rate, then EMI Calculator for a loan is the best tool for you. For calculating EMI using EMI Calculator online, you need to input important details like- loan duration, the loan amount you want to borrow and the interest rate.

## What do you mean by EMI Calculator?

EMI Calculator is a handy financial tool which helps you to evaluate the EMI amount that you need to pay every month in case you have taken a loan or is planning to do so. Manual calculation of EMI taking into account loan amount, loan duration and interest rate is quite a troublesome work to do. Instead of using EMI Calculator online helps in calculating your EMI in a much hassle free way. Moreover not only the EMI amount but how much EMI constitutes the principal amount and the interest amount is also clearly evaluated by EMI Calculator.

One more important thing to consider about EMI Calculator Online in India is the rate of interest that is charged by the lenders. EMI Calculator monthly interest rate charged is of 2 types namely fixed interest rate and flexible interest rate. Sometimes borrowers are offered the flexibility to choose the interest rate for their EMI payment. If you go for a fixed interest rate, then the interest rate will be fixed whatever be the market condition prevails. But if you go for floating interest rate, in a decreasing market trend situation the rate will be lower while the rate will be higher if the market trend is high.

Fixed rate of interest does not fluctuate and remains the same both at the time of borrowing and throughout the loan tenure irrespective of the Marginal Cost of Lending Rate or MCLR. While in case of floating interest rate, with every revision of MCLR by the banks based on the market conditions, the interest rate varies.

## How EMI Calculator Works?

EMI Calculator online is a very handy tool which simplifies your EMI calculation in just a few seconds. In order to calculate EMI using EMI Calculator in India, you need to input as said earlier- the loan amount, the interest rate and the loan tenure.

The mathematical calculation for EMI using EMI Calculator Formula is-

EMI= [P*r*(1+r)n]/[((1+r)n-1)]
where,
‘EMI’ is the Equated Monthly Instalment
‘P’ is the Principal loan amount that is borrowed
‘r’ is the interest rate that is levied on the loan amount calculated on a monthly basis
‘n’ is the loan tenure in number of months

If you want to calculate the EMI for various combinations of loan amount, rate of interest and loan tenure using a manual process, then the calculation will be very complex and error-prone. EMI Calculator solves this complexity of EMI calculation and gives you the result in a split second. Also, EMI Calculator repayment schedule details help in giving a clear picture of the EMI payments.

This the basic EMI Calculator formula but sometimes processing fee is also taken into consideration in evaluating EMI online. A certain % of the loan amount borrowed is charged as processing fee which usually lies between 1% to 3% that differs for different lending institutions.

Using EMI Calculator online, you get an idea of EMI payments whether it is within your repaying capacity or not. If not you can adjust the loan tenure and/or loan amount keeping in mind that the rate of interest and processing fees (if applicable) can’t be altered. An added advantage of using EMI Calculator online is that, you can compare different loan offers by various lending institutions and opting for low-interest rate of interest and zero processing fees to lower your EMI payments.

Based on different types of loans, you are benefitted with various kinds of EMI Calculator such as EMI Calculator for Personal Loan, EMI Calculator for Car Loan, EMI Calculator for Business Loan and much more. Moreover, EMI Calculator is also used for evaluating EMI of different banks with different kind of loans namely- EMI Calculator Personal loan Axis Bank, EMI Calculator for home loan SBI, EMI Calculator HDFC Car Loan, EMI Calculator home loan HDFC, EMI Calculator Personal loan SBI and so on.

## How do you use EMI Calculator?

For using EMI Calculator in India, you need to input the loan amount that you are planning to borrow or have already borrowed, loan tenure and the rate of interest.

• ### Amount of Loan

The first most important thing to calculate EMI using EMI Calculator is the loan amount borrowed for meeting any of your personal needs like renovating home, buying a new car or expanding the business. The higher the loan amount you borrow higher will be your EMI payment. So, it is always better to borrow the loan amount which perfectly suits your monetary requirement and is within your repayment capacity.

• ### Rate of Interest

The interest rate is charged on the borrowed loan amount. Depending on different banks and lending institutions, the interest rate varies for different loan types. So, before taking a loan, you can use EMI Calculator for comparing the EMI of various interest rates offered by different banks and accordingly go for the lower interest rate.

• ### Loan Tenure

The loan repayment tenure is called the loan tenure. It varies based on the loan type, lending institution and the principal amount. If you go for a longer tenure to repay the loan, then you need to pay a higher interest rate. As a result, you will have to pay higher EMI. So, it is always advisable to calculate the EMI payments using EMI Calculator taking into account the shorter loan tenure which will be lower as compared to longer loan tenure.

EMI Calculator gives you a pictorial depiction of your EMI payments which helps you how much to borrow and repay it within a shorter time period which helps in managing your finances in a much disciplined manner. The three most important details that are offered by EMI Calculator are-

1. ### EMI Payment

After taking a loan, you need to repay it through Equated Monthly Installments or EMI. The EMI amount includes both the principal amount and the interest rate charged. Using EMI Calculator, you get an idea of EMI amount that you need to repay which should suit your loan repaying capacity.

2. ### The Breakup Amount

EMI Calculator breaks up the EMI payment that you need to pay to the lending institution. Using EMI Calculator, you get a clear EMI Breakup which helps you to understand how much you are paying as interest rate, principal amount and the processing fees that is charged for the loan.

3. ### Loan Amortization Schedule

Using the EMI Calculator, the process of loan repayment is depicted by loan amortization schedule. As the loan progresses, the loan amortization schedule helps you to understand how much interest is being paid off and how much principal amount is outstanding. During the initial EMI payments, the interest amount is higher than the principal amount. As the loan repayment period progresses, the interest amount decreases and the principal amount of your EMI payment increases. When the loan tenure ends, you would end up paying the full principal amount.

## Types of EMI Calculator

• ### EMI Calculator for Personal Loan

In order to fulfill almost any of your financial needs like- home renovation, medical emergency, travel expenses and much more, you opt for a personal loan. Using EMI Calculator for a personal loan helps you to decide the loan amount you want to borrow which you can easily repay and within your repaying capacity. So, EMI Calculator for a personal loan is a handy tool for your personal loan EMI calculation with higher interest rate and shorter loan tenure.

• ### EMI Calculator of Home Loan

If you are planning to take a home loan, EMI Calculator of home loan is the best option to calculate your EMI payments which you need to pay within the longer loan repayment tenure. EMI Calculator of home loan prepares you mentally as well as financially to help you decide your loan amount which suits your requirement and also your repaying ability.

• ### EMI Calculator for Business Loan

Using EMI Calculator for a business loan, you get accurate and error-free EMI calculation. The EMI Calculator for business loan uses EMI Calculator formula which you can use any time to calculate the EMI payments. For the loan repayment, you also get details of repayment schedule with the help of EMI Calculator with the repayment schedule.

• ### EMI Calculator for Education Loan

In order to plan your child’s future with quality education, one feel the need of taking education loan as the education cost is really expensive today. Using EMI Calculator education loan, you get an idea of the monthly EMI amount which you need to repay after the moratorium period that is generally 6 months after the course gets completed or the student gets a job, whichever is earlier. So, EMI Calculator for education loan helps in managing your budget in a a more disciplined way.

• ### EMI Calculations for Car Loan

Using EMI Calculator of car loan, you get to enjoy the comfort of having a car without taking the pressure of financial burden. You can use both EMI Calculator for a used car loan and EMI Calculator for car loan which is brand new to calculate your future EMI. With the help of EMI Calculator for car loan, you can borrow that amount of money which is within your financial capability.

• ### EMI Calculator Mortgage Loan

If you want to take a loan against property (commercial, residential or land) which is a secured loan, you can definitely use EMI Calculator Mortgage Loan to get a detailed idea of your EMI payment. With the the help of EMI Calculator Mortgage Loan, you can borrow that amount of money which you can easily repay otherwise the lending institution will seize your mortgaged property against your non-repayment of EMI.

• ### EMI Calculator for Credit Card

Use of credit card helps in an easy transaction of your purchases. But in case you are unable to repay the transaction amount, you can opt for EMI option to repay. Using EMI Calculator credit card tool, you are benefitted with the EMI amount which you need to pay in the future.

• ### EMI Calculator for Simple Interest Loan

For a simple interest loan, you can easily calculate the simple interest by simply entering the loan amount, interest rate and the loan tenure in EMI Calculator simple interest tool. With just a click you get the simple interest using EMI Calculator for simple interest loan.

## EMI Calculator of different Banks

EMI Calculator online helps you in comparing EMIs of different banks of different loans.

 EMI Calculator SBI EMI Calculator SBI Home Loan EMI Calculator SBI Car Loan EMI Calculator Personal Loan SBI EMI Calculator SBI Credit Card EMI Calculator HDFC EMI Calculator for Home Loan HDFC EMI Calculator HDFC Car Loan EMI Calculator HDFC Credit Card EMI Calculator AXIS Bank EMI Calculator Personal Loan AXIS Bank EMI Calculator Home Loan AXIS Bank EMI Calculator ICICI EMI Calculator Home Loan ICICI EMI Calculator Personal Loan ICICI EMI Calculator ICICI Credit Card EMI Calculator YES Bank EMI Calculator Personal Loan YES Bank EMI Calculator Home Loan YES Bank EMI Calculator Indiabulls EMI Calculator Home Loan Indiabulls EMI Calculator Personal Loan Indiabulls EMI Calculator Indiabulls Car Loan Indiabulls Loan Against Property EMI Calculator EMI Calculator IndusInd Bank EMI Calculator Personal Loan IndusInd EMI Calculator Home Loan IndusInd Car Loan EMI Calculator IndusInd Bank EMI Calculator Bajaj Finserv EMI Calculator Personal Loan Bajaj Finserv EMI Calculator Home Loan Bajaj Finserv EMI Calculator Kotak Mahindra Bank EMI Calculator Personal Loan Kotak Mahindra Home Loan EMI Calculator Kotak Mahindra Car Loan EMI Calculator Kotak Mahindra Business Loan EMI Calculator Kotak Mahindra Car Loan EMI Calculator Kotak Mahindra

## EMI Calculator of Personal Loan- EMI per lakh

 Lending Institutions Maximum Loan Tenure Lowest EMI per lakh ICICI Personal Loan 48 months Rs. 2,187 HDFC Personal Loan 60 months Rs. 2,187 Axis Personal Loan 60 months Rs. 2,187 SBI Personal Loan 48 months Rs. 2,658 Tata Capital Personal Loan 60 months Rs. 2,212 IDFC First Bank Personal Loan 60 months Rs. 2,301 IndusInd Personal Loan 60 months Rs. 2,174 Fullerton India Personal Loan 48 months Rs. 2,898 IIFL Personal Loan 60 months Rs. 2,275 YES Bank Personal Loan 60 months Rs. 2,162 Kotak Bank Personal Loan 60 months Rs. 2,199 Bajaj Finserv Personal Loan 60 months Rs. 2,224

(as in May, 2019)

## EMI Calculator of Home Loan- EMI per lakh

 Lending Institutions Maximum Loan Tenure Lowest EMI per lakh ICICI Home Loan 30 years Rs. 808 HDFC Home Loan 30 years Rs. 787 Axis Home Loan 30 years Rs. 797 SBI Home Loan 30 years Rs. 776 Tata Capital Home Loan 30 years Rs. 808 IDFC First Bank Home Loan 30 years Rs. 848 PNB Housing Finance Home Loan 30 years Rs. 812 IIFL Home Loan 30 years Rs. 841 YES Bank HomeLoan 25 years Rs. 863 Kotak Bank Home Loan 20 years Rs. 893 LIC Housing Finance Home Loan 30 years Rs. 783

(as in May, 2019)

## EMI Calculator of Car Loan- EMI per lakh

 Lending Institutions Car Loan (used car) EMI per lakh Car Loan (new car) EMI per lakh ICICI Car Loan Rs. 2,149 (for 5 years) Rs. 1,591 (for 7 years) HDFC Car Loan Rs. 2,275 (for 5 years) Rs. 1,622 (for 7 years) Axis Car Loan Nil Rs. 1,478 (for 8 years) SBI Car Loan Rs. 1,798 (for 7 years) Rs. 1,624 (for 7 years) PNB Car Loan Rs. 2,184 (for 5 years) Rs. 1,596 (for 7 years) IDBI Bank Car Loan Nil Rs. 1,609 (for 7 years) IndusInd Car Loan Nil Rs. 2,157 (for 5 years) Kotak Bank Car Loan Rs. 2,485 (for 5 years) Rs. 2,199 (for 5 years)

(as on May, 2019)

## EMI Calculator of Business Loan- EMI per lakh

(as on May, 2019)

## EMI Calculator of Loan Against Property- EMI per lakh

 Lending Institutions Maximum Loan Tenure Lowest EMI per lakh ICICI Loan Against Property 15 years Rs. 1,084 HDFC Loan Against Property 15 years Rs. 1,059 Axis Loan Against Property 15 years Rs. 1,159 SBI Loan Against Property 15 years Rs. 1,093 Indiabulls Loan Against Property 10 years Rs. 1,349 IDFC First Bank Loan Against Property 15 years Rs. 1,187 IndusInd Loan Against Property 15 years Rs. 1,044 Standard Chartered Bank Loan Against Property 15 years Rs. 1,081 IDBI Bank Loan Against Property 15 years Rs. 1,087 YES Bank Loan Against Property 15 years Rs. 1,105 Kotak Bank Loan Against Property 12 years Rs. 1,172 Bajaj Finserv LoanAgainst Property 20 years Rs. 978

(as on May, 2019)

## Benefits of using EMI Calculator

• ### Accuracy

Manual calculation of EMI is prone to error. Moreover if you continuously calculate EMI of different loans you are prone to more mistakes. Instead of using EMI Calculator helps you to yield an accurate result which is error free. You will get accurate EMI calculations for different loans like- EMI Calculator for personal loan, EMI Calculator for home loan, EMI Calculator for car loan, EMI Calculator bike loan, EMI Calculator for education loan, EMI Calculator for business loan, EMI Calculator for vehicle loan, EMI Calculator for gold loan, EMI Calculator for auto loan, or EMI Calculator mortgage loan.

• ### Financial Planning

Using EMI Calculator, you get a detailed idea of your EMI payments for a specific loan amount, interest rate and the loan repayment tenure. So, you can decide the loan amount that you want to borrow which fits into your repaying capacity and also does not hamper your monthly budget.

• ### Saves Time & Complicated Calculations

Rather than going for manual calculation which is extremely time-consuming and complex. EMI Calculator online is the best financial tool which saves your time and calculate the EMI using EMI Calculator formula within seconds.

• ### Easy Accessibility

You can calculate your EMI for n number of times using EMI Calculator online. No need of going to the bank to get details of EMI payment. Just use EMI Calculator online at your preferred time as per your convenience. So, in short, EMI Calculator is easily accessible whenever you need and wherever you need.

• ### EMI of various bank

With just a few important inputs, EMI Calculator provides you EMI details of different loans of different banks namely- EMI Calculator for home loan SBI, EMI Calculator for home loan HDFC, EMI Calculator for car loan SBI, EMI Calculator personal loan SBI, EMI Calculator home loan ICICI, EMI Calculator personal loan ICICI, EMI Calculator HDFC car loan, EMI Calculator personal loan AXIS bank, EMI Calculator AXIS bank home loan,

## FAQ’s

With the help of EMI Calculator, you get an accurate error-free EMI amount based on your entered loan amount, interest rate and loan tenure. Also, EMI Calculator is easily accessible and solve complex mathematical calculation with just a click of a button.
Using EMI Calculator for evaluating future EMI when you are planning to take a loan helps in planning your finances in a much more disciplined way. EMI Calculator helps you to zero down to that loan amount which not only satisfies your requirements but also ranges within your repaying capacity.
With delayed EMI payments, the lending institution will charge a certain amount as penalty fees. The amount of penalty fee will differ from bank to bank. But delayed EMI payments will negatively impact your credit score.
EMI Calculator provides you with EMI amount which you need to pay in future if you have taken a loan or is planning to take one. But the most important information that an EMI Calculator provides is that it separately segregates EMI amount into the principal amount and interest amount that you need to pay.
Yes, there are a variety of EMI Calculators to ease up your EMI calculations namely- EMI Calculator of personal loan, EMI Calculator Car Loan, EMI Calculator of Home Loan, EMI Calculator Education Loan, EMI Calculator Business Loan, EMI Calculator Used Car Loan, EMI Calculator Vehicle Loan, EMI Calculator mortgage loan, EMI Calculator auto loan, EMI Calculator credit card.

Disclaimer : It should be used only for informational purpose.

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