EMI Calculator
Summary
Loan EMI: ₹
Loan APR: %
Total Interest Payable: ₹
Total Payment: ₹
EMI Schedule
Best table view in Desktop Mode
| Month | Principal | Interest | Balance | Composition Interest | EMI | Loan Paid to Date % |
|---|
Example Views
Table of Contents
Introduction
- Definition of Loan EMI Calculator
- Importance of Loan EMI Calculator in India
Understanding EMI
- What is EMI?
- How EMI is calculated?
- Factors affecting EMI
- Advantages and disadvantages of EMI
Benefits of using a Loan EMI Calculator
- Accuracy in calculations
- Time-saving
- Helps in planning
- Comparison of different loan offers
- Helps in decision making
How to use a Loan EMI Calculator in India
- Steps to use the Calculator
- Understanding the input fields
- Using the Calculator for different types of loans
Popular Loan EMI Calculators in India
- SBI Loan EMI Calculator
- HDFC Loan EMI Calculator
- ICICI Bank Loan EMI Calculator
- Axis Bank Loan EMI Calculator
- LIC Housing Finance Loan EMI Calculator
Factors to consider before taking a loan
- Interest rate
- Processing fee
- Prepayment charges
- Loan tenure
- CIBIL score
- Conclusion
Summary of the importance of Loan EMI Calculator in India
- Benefits of using the Calculator
- Factors to consider before taking a loan
- Final thoughts
Understanding EMI
Benefits of using a Loan EMI Calculator
How to use a Loan EMI Calculator in India
Popular Loan EMI Calculators in India
Factors to consider before taking a loan
What is EMI?
EMI is the amount you pay to the lender each month towards repaying your loan. It is a fixed amount that includes both the principal amount and the interest charged by the lender. EMI is typically paid on a monthly basis, but it can also be paid on a quarterly, half-yearly or yearly basis, depending on the terms of the loan.
How Does EMI Work?
The EMI amount is calculated using the loan amount, the interest rate, and the loan tenure. The loan amount is the total amount borrowed, the interest rate is the rate at which the lender charges interest on the loan amount, and the loan tenure is the duration of the loan.
The EMI amount remains the same throughout the loan tenure, but the proportion of principal and interest components in the EMI changes over time. In the initial years, the interest component is higher, and the principal component is lower. As the loan progresses, the interest component reduces, and the principal component increases.
How to Calculate EMI?
EMI can be calculated using a simple formula:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Where,
P = Loan amount
R = Interest rate per month
N = Loan tenure in months
For example, if you take a loan of Rs. 35 lakhs at an interest rate of 8% for a tenure of 10 years (120 months), the EMI will be calculated as follows:
EMI = [3500000 x 0.008 x (1+0.008)^120]/[(1+0.008)^120-1]
= Rs. 42,926
Therefore, the EMI for a Rs. 35 lakhs home loan for 10 years at 8% interest rate is Rs. 42,926 per month.
What is the 40 Percent EMI Rule?
The 40 percent EMI rule is a thumb rule used to determine the maximum EMI that an individual can afford to pay based on their income. According to this rule, the EMI should not exceed 40% of the individual’s net monthly income.
For example, if your net monthly income is Rs. 50,000, the maximum EMI you can afford to pay is Rs. 20,000 (40% of Rs. 50,000).
How Does a Personal Loan EMI Calculator Work?
A personal loan EMI calculator is a tool that helps you calculate your EMI for a personal loan. To use the calculator, you need to enter the loan amount, interest rate, and loan tenure, and the calculator will provide you with the EMI amount.
The calculator works on the same formula as mentioned above, but it automates the calculation process and provides you with the result instantly.
How to Calculate Personal Loan EMIs?
To calculate the EMI for a personal loan manually, you can use the same formula as mentioned above. However, if you find it difficult to calculate it manually, you can use an online personal loan EMI calculator, which is freely available on many bank and financial websites.
Personal Loan EMI Calculator
A personal loan EMI calculator is a tool that helps you calculate your EMI for a personal loan. You need to enter the loan amount, interest rate, and loan tenure in the calculator, and it will provide you with the EMI amount.
EMI Calculator for Car and Bike
An EMI calculator for a car or bikeis a valuable tool that can help you plan your finances better. It allows you to calculate your monthly EMI payments based on the loan amount, interest rate, and loan tenure. This helps you to make an informed decision about whether you can afford the loan, and if so, what the best repayment plan would be.
How to use an EMI calculator for a car or bike:
Loan Amount: Enter the loan amount you are planning to borrow. This can be the entire cost of the vehicle, or a percentage of the cost depending on your financial situation.
- Interest Rate: Enter the interest rate that you have been quoted by the lender. This rate can vary depending on the type of vehicle you are buying, your credit score, and the lender’s policies.
- Loan Tenure: Enter the loan tenure that you are considering. This is the length of time that you will be repaying the loan. It can be anything from 12 months to 7 years or more, depending on the lender and your financial situation.
- Processing Fee: Some lenders charge a processing fee when you apply for a loan. Enter this fee in the appropriate field if it applies to your situation.
Once you have entered all the necessary information, the EMI calculator will give you a breakdown of your monthly payments. It will show you the total interest you will pay over the loan tenure, as well as the total amount you will pay back to the lender.
Using an EMI calculator is a great way to plan your finances and make sure you are getting the best deal possible. By playing around with different loan amounts, interest rates, and loan tenures, you can figure out what repayment plan works best for you and your budget.
If you’re planning to buy a car or bike on loan, it’s a good idea to use an EMI calculator before you finalize your loan agreement. This will help you to ensure that you are getting a fair deal and that you can afford the monthly payments without putting too much strain on your finances.
BOB loan calculator
Understanding BOB (Bank of Baroda)is a public sector bank in India that offers a variety of financial products and services to its customers. One of the most popular products offered by BOB is its home loan, which allows customers to buy their dream home without having to worry about the financial burden.
BOB offers home loans at competitive interest rates, with flexible repayment tenures and easy EMI options. However, before applying for a BOB home loan, it is important to understand the various aspects of the loan, including the loan amount, interest rate, and EMI, which can be calculated using the BOB loan calculator.
Here are some steps to use the BOB loan calculator:
- Visit the BOB website and go to the loan calculator section.
- Enter the loan amount, tenure, and interest rate.
- Click on the “Calculate” button.
- The calculator will display the EMI, total interest payable, and total payment for the loan.
SBI home loan interest rate 2022:
State Bank of India (SBI) is the largest public sector bank in India, offering a wide range of financial products and services to its customers. One of the most popular products offered by SBI is its home loan, which comes with a competitive interest rate, flexible repayment tenure, and easy EMI options.
The interest rate on SBI home loans varies depending on the loan amount, tenure, and customer profile. As of 2022, the interest rate on SBI home loans ranges from 6.70% to 7.40% for salaried individuals and from 6.75% to 7.45% for self-employed individuals.
SBI home loan calculator 2022:
The SBI home loan calculator is an online tool that helps customers calculate their monthly EMI, total interest payable, and total payment for their home loan. It is a simple and convenient tool that allows customers to plan their finances effectively and make informed decisions about their home loan.
Here are some steps to use the SBI home loan calculator:
Visit the SBI website and go to the home loan calculator section.
- Enter the loan amount, tenure, and interest rate.
Click on the “Calculate” button. - The calculator will display the EMI, total interest payable, and total payment for the loan.
SIP return calculator:
SIP (Systematic Investment Plan) is a popular investment option in India that allows investors to invest a fixed amount of money at regular intervals in mutual funds. The SIP return calculator is an online tool that helps investors calculate their returns on their SIP investments.
Here are some steps to use the SIP return calculator:
Visit any mutual fund website and go to the SIP calculator section.
- Enter the investment amount, investment tenure, and expected rate of return.
- Click on the “Calculate” button.
- The calculator will display the expected returns on the investment.
SIP calculator:
The SIP calculator is an online tool that helps investors calculate the monthly investment required to achieve their financial goals through mutual fund investments. It is a simple and convenient tool that allows investors to plan their investments effectively and make informed decisions about their financial goals.
Here are some steps to use the SIP calculator:
Visit any mutual fund website and go to the SIP calculator section.
- Enter the financial goal, investment tenure, expected rate of return, and investment frequency.
- Click on the “Calculate” button.
Review the results and adjust your inputs as necessary.
The SIP calculator is a useful tool for investors who are considering investing in mutual funds through SIPs. Here are some benefits of using the SIP calculator:
Helps in Financial Planning: The SIP calculator helps investors plan their investments better by giving them an estimate of how much money they need to invest to achieve their financial goals.
Easy to Use: The SIP calculator is user-friendly and easy to use. It requires only a few inputs, such as the financial goal, investment tenure, expected rate of return, and investment frequency.
Provides Accurate Results: The SIP calculator provides accurate results based on the inputs provided by the investor. This helps the investor make an informed decision about their investments.
Saves Time: Calculating the returns on your investment can be a time-consuming process. The SIP calculator simplifies this process and provides instant results, saving time for the investor.
In addition to the SIP calculator, there are other calculators available that investors can use to calculate returns on their investments. Some of these include the lump sum calculator, goal-based calculator, retirement calculator, and tax calculator.
Investors should remember that calculators are only tools and not a substitute for professional financial advice. It is important to consult a financial advisor before making any investment decisions.
FD Interest Calculator:
An FD (Fixed Deposit) interest calculator is a tool that helps investors calculate the interest earned on their FD investments.
Enter the FD amount, tenure, and interest rate.
Click on the “Calculate” button to get the interest earned on the investment.
- You can also adjust the investment amount, tenure, and interest rate to get an estimate of the interest earned on the investment.
ICICI Home Loan Interest Rate:
ICICI (Industrial Credit and Investment Corporation of India) Bank is one of the leading lenders in the home loan segment. The bank offers competitive interest rates on home loans to make it easier for customers to purchase their dream home.
The ICICI home loan interest rate may vary based on the loan amount, tenure, and the borrower’s credit score. Customers can visit the ICICI official website or visit their nearest ICICI bank branch to know more about the current home loan interest rates and the loan application process.
How much loan can you get with a salary of 50,000?
When you apply for a loan, the loan amount you are eligible for is largely dependent on your income. Most lenders follow a rule where your EMI (Equated Monthly Installment) should not exceed 50% of your monthly income. Therefore, if you have a salary of 50,000, the maximum EMI you can afford is 25,000 per month. This means that the loan amount you are eligible for will depend on the interest rate and the loan tenure. You can use an online loan calculator to get an estimate of the loan amount.
How can you calculate the loan amount?
Calculating the loan amount you are eligible for is an important step before you apply for a loan. Lenders use different formulas to calculate the loan amount based on your income, credit score, and other factors. However, there are some basic calculations you can use to get an idea of your eligibility.
Firstly, you need to calculate your fixed obligations to income ratio (FOIR). FOIR is the percentage of your income that goes towards paying off existing loans and credit card bills. Generally, lenders prefer that your FOIR is not more than 50% of your income.
Next, you need to calculate your net monthly income. This is your income minus any taxes and other deductions. Multiply your net monthly income by the FOIR to get an estimate of the maximum EMI you can afford.
Once you know the maximum EMI you can afford, you can use an online loan calculator to get an estimate of the loan amount you are eligible for.
How much will be the EMI for a 5 lakh loan?
The EMI for a 5 lakh loan will depend on the interest rate and the loan tenure. Assuming a tenure of 5 years and an interest rate of 8%, the EMI for a 5 lakh loan would be approximately 10,300. However, the actual EMI may vary depending on the interest rate and the tenure chosen.
What is the salary required for a 10 lakh loan?
The salary required for a 10 lakh loan will depend on the interest rate and the loan tenure. Assuming a tenure of 5 years and an interest rate of 8%, the EMI for a 10 lakh loan would be approximately 20,600. Based on the rule of thumb that your EMI should not exceed 50% of your monthly income, you would need a monthly salary of at least 41,200 to be eligible for a 10 lakh loan. However, the actual salary required may vary depending on the interest rate and the tenure chosen.
Personal loans are a type of unsecured loan that can be availed by individuals to meet various financial requirements. The interest rates on personal loans are usually higher than other secured loans as they do not require any collateral. In this section, we will discuss how the personal loan interest is calculated and how to calculate personal loan EMIs.
How is the Personal Loan Interest Calculated?
The interest on personal loans is calculated based on the principal amount, the rate of interest, and the loan tenure. The interest rate can be fixed or floating, and it depends on the lender’s policies and the applicant’s creditworthiness.
The formula to calculate the interest on a personal loan is as follows:
Interest = (Principal amount x Interest rate x Loan tenure) / 100
For example, if you have taken a personal loan of Rs. 5 lakhs at an interest rate of 12% for a tenure of 5 years, the interest payable would be:
Therefore, the total amount payable would be Rs. 8,00,000.
How to Calculate Personal Loan EMIs?
EMI stands for Equated Monthly Installment, which is the amount that you need to pay every month to repay your personal loan. It is a fixed amount that includes both the principal amount and the interest payable.
The formula to calculate EMI on a personal loan is as follows:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Where P is the principal amount, R is the rate of interest per month, and N is the loan tenure in months.
For example, if you have taken a personal loan of Rs. 5 lakhs at an interest rate of 12% for a tenure of 5 years, the EMI payable would be:
EMI = [5,00,000 x 1%(12/12) x (1+1%(12/12))^60]/[(1+1%(12/12))^60-1]
= Rs. 11,122
Therefore, you would need to pay an EMI of Rs. 11,122 for 60 months to repay your personal loan.
Conclusion:
Calculating the interest on a personal loan and the EMI payable can help you plan your finances better and ensure timely repayment of your loan. By using the formulae mentioned above, you can easily calculate the interest and EMI payable on your personal loan.
FAQ Accordion
An EMI calculator is a tool that helps you calculate the equated monthly installment (EMI) for a loan, based on the loan amount, interest rate, and loan tenure.
SEMI calculators are generally very accurate, but the results may vary slightly depending on the specific calculator used and the assumptions made about interest rates and other factors.
EMI calculators are designed to work for a variety of loans, including home loans, car loans, personal loans, and more.
To use an EMI calculator, you simply input the loan amount, interest rate, and loan tenure, and the calculator will generate the equated monthly installment (EMI) and other important information.
No, EMI calculators are generally free to use, and do not require any fees or charges.
Yes, using an EMI calculator can help you compare different loan options and choose the one that best fits your needs and budget.
Many banks and lenders provide EMI calculators on their websites or mobile apps, to help customers estimate their loan repayments.
The EMI calculation is based on several factors, including the loan amount, interest rate, loan tenure, and any other fees or charges associated with the loan.
In most cases, the EMI amount cannot be changed during the loan tenure, unless there is a specific provision in the loan agreement allowing for such changes.
The choice of loan tenure depends on various factors, including your financial situation, income, and other obligations. Generally, a longer loan tenure will result in lower EMIs, but may also result in higher overall interest payments over the course of the loan.
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