Equated Monthly Installment – EMI for short – is the amount payable every month to the bank or any other financial institution until the loan amount is fully paid off. It consists of the interest on loan as well as part of the principal amount to be repaid. The sum of principal amount and interest is divided by the tenure, i.e., number of months, in which the loan has to be repaid.
How to use EMI calculator?
You can calculate EMI for home loan, car loan, personal loan, education loan or any other fully amortizing loan using this calculator.
Enter the following information in the EMI calculator:
- Principal loan amount you wish to avail (rupees)
- Loan term (months or years)
- Rate of interest (percentage)
The results of this loan payment calculator are for comparison purposes only.
They will be a close approximation of actual loan
repayments if available at the terms entered, from a financial institution. This
provided for you to plan your next loan application. To use, enter values
Loan Amount, Number of Months for Loan, and the Interest Rate (e.g.
click the Calculate button. Clicking the Reset button will clear entered
Enter only numeric values (no commas), using decimal points
Non-numeric values will cause errors.