An EMI calculator online is a simple tool that helps you plan your loan payments. EMI(Equated Monthly Installment) means the fixed amount you pay your lender every month.
Here is how it works:
The loan repayment planner will instantly show your monthly payment, making it easier to manage your budget and repayments!
EMI is calculated with a very simple formula:
For instance, assume that you have borrowed ₹10,00,000 at an annual interest rate of 8% for 20 years:
- The monthly interest rate (r) is 0.67% (8% ÷ 12) - The loan period (n) is 240 months (20 × 12)Substituting the values in the formula, your EMI would be about ₹68,804.
A loan eligibility calculator makes it easy to figure out your monthly loan payments. Here's how it works:
There are so many different types of loan repayment calculators available online. Depending upon the use of your EMI, choose the correct monthly installment calculator to get the best results.
The personal loan EMI calculator is for the calculation of equated monthly installments. Change the loan amount and tenure to find an EMI that fits into your budget and makes better financial decisions.
Ideal for homebuyers or renovators! It shows you your monthly payments so you can ensure that you pay on time while staying financially safe.
If you are borrowing against your property, then this monthly installment calculator will help you understand your repayment obligations so that you can plan smarter and stress-free.
This is a must for all entrepreneurs. It helps one manage the repayment efficiently, and thus, one is at the top of his/her business finances.
Planning your big day? A Marriage Loan installment Calculator helps in estimating your monthly installment so that your dream wedding is financially feasible.
It is crucial for businesses that manage operational expenses to have a Working Capital EMI Calculator. It helps calculate the outgoings for every month and keeps the cash flow smooth.
Some easy tips regarding how to use the installment calculator include the following:
Your Dream Loan Awaits – Check EMI Options Today with My Mudra
EMI is the fixed monthly loan payment, but the interest rate is the yearly cost of borrowing money.
Yes, EMI calculators work well for home, car, and personal loans. Choose the right type of loan as you enter your details.
EMI calculators give you accurate results based on your inputs, though minor differences may arise due to additional charges or changes in the interest rate.
Yes, prepayment decreases the loan amount, thus reducing the EMI or shortening the tenure. Most calculators let you see how prepayments will affect your loan.
Longer tenures reduce the EMI but increase total interest costs. Shorter tenures have higher EMIs but reduce overall interest payments.
