How to Use EMI Calculator?
- Enter the loan amount: Enter the loan amount you want to borrow in the relevant field. This is the principal amount you wish to borrow from the lender.
- Input the interest rate: Input the interest rate applicable to the loan in the relevant field. This can be an annual or monthly interest rate.
- Choose the loan term: Choose the repayment period or loan term in months or years. For example, if you want to repay the loan in 5 years, enter 60 months.
- Click ‘Calculate’: Once you have entered all the required details, click on the ‘Calculate’ button to get the monthly EMI amount.
- Review the results: The EMI calculator will display the estimated EMI amount you need to pay each month. It may also show the total interest payable and the total amount payable (Principal + Interest) over the loan term.
Types Of EMI Calculators
Home Loan EMI Calculator
As home loans usually have a large principal amount and a long tenure, it is important to plan the repayment carefully. The Home Loan EMI Calculator of this website is user-friendly and can provide an instant calculation of your EMI based on your loan amount, tenure, and interest rate.
Car Loan EMI Calculator
It’s important to note that while a car loan EMI calculator can provide you with an estimate of your monthly payment, it may not take into account additional fees such as processing fees or prepayment penalties. Therefore, it’s essential to read the loan agreement carefully and understand all the terms and conditions before signing up for a car loan.
Personal Loan EMI Calculator
Personal loans can be used for a variety of purposes, such as medical emergencies, vacations, relocations, weddings, home renovations, and more. They are unsecured loans and typically have a shorter tenure and higher interest rates than other types of loans. To help borrowers assess the loan amount and EMI payment that they can manage comfortably, the Personal Loan EMI Calculator of this website can be used. The calculation of EMI calculator for Personal loans will remain the same.
Education Loan EMI Calculator
In recent times, the cost of education has risen rapidly, making it difficult for parents to afford a good education for their children. As a solution, an education loan can be one of the best options that parents can consider to finance this cost. Education loans can be taken for students who wish to pursue their education within the country or even overseas. After a moratorium period, the loan’s EMI is required to be repaid with interest. The calculation of EMI calculator for education loans will remain the same.
