This online EMI Calculator (Equated Monthly Installments Calculator) easily estimates your monthly payments accurately and plan your finances effectively. This tool is also known as: loan EMI calculator, home loan EMI calculator, car loan EMI calculator, personal loan EMI calculator, calculate EMI, equated monthly installment etc.

How to Use the EMI Calculator:

1. Principal Loan Amount (₹): Enter the original amount of the loan you plan to borrow.
2. Loan Term (Years): Enter the duration of the loan in years.
3. Interest Rate (%): Enter the annual interest rate offered on the loan.
4. Click Calculate: Click the “Calculate” button to instantly see the result:

• EMI (₹): EMI is your estimated monthly payment amount.
• Total Amount Payable (₹): This is the total amount you will repay over the loan term, including both principal and interest.
• Interest Amount (₹): This is the total amount of interest calculated over the loan term.

Disclaimer:

• Accuracy: This calculator provides estimates based on the information you input. Actual loan terms and interest rates may vary depending on the lender and your creditworthiness.
• Loan Products: Loan products and interest rates are subject to change. Always consult with a financial institution for the most up-to-date information.
• This EMI calculator is for informational purposes only and should not be considered as financial advice.

FAQ (Frequently Asked Questions):

• Q: How is EMI calculated?

• A: EMI is calculated using a formula that takes into account the principal amount, interest rate, and loan term.

The formula to calculate EMI along with example is as follows:

• Q: What is the difference between principal and interest?
  • A: The principal is the original amount of the loan, while the interest is the cost of borrowing that money.
• Q: Can I change the loan term or interest rate after taking out a loan?
  • A: In some cases, it might be possible to renegotiate loan terms, but this depends on the lender’s policies.