EMI Calculator - Calculate Your Loan EMI & Interest Rates Online

What is EMI Calculator?

Whether your goal is a dream house, a luxury car, or a much-anticipated vacation, an EMI calculator can help you map the path to achieving your objectives. Loans are a financial resource to increase your purchasing power. With a loan EMI calculator, you can chart out EMI repayments quickly and get closer to fulfilling your dreams today.

EMI is an acronym for Equated Monthly Instalment. EMIs are a fixed monthly amount that the borrower pays to the bank to pay off any type of loan. You may need loan services for many reasons. You could apply for a personal loan to meet the upcoming expenses of a holiday or for an emergency, a car loan for purchasing a new set of wheels, or a long-term loan to purchase a home.

Depending on your requirement, you can avail of a loan and pay off the amount through EMIs. Equated Monthly Instalments provide a systematic, consistent way to repay the principal and interest amount to the lender.

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How to use EMI Calculator?

Step 1

Basic details

Enter loan amount.

Step 2

Tenure

Choose the loan tenure which you wish to repay in particular period.

Step 3

Interest Rate

Enter proffered rate of interest on the loan.

What is the importance of an EMI calculator?

A loan EMI calculator offers you an easy way to get the correct details and figures before you take a loan.

It gives you quick results

Within a few seconds, you are privy to the EMI amount to be paid, the total interest amount that is payable on the loan, as well as the total amount you will be liable to pay at the end of loan tenure (principal amount + interest).

It helps you decide whether an EMI is affordable

With an easy-to-use EMI interest calculator, you can change the tenure of the loan or the principal amount you are looking for to see how the EMIs change. An EMI amount calculator helps you figure out how much of a loan you can afford based on the EMI formula.

It helps in loan shopping and financial planning

An EMI interest calculator is an intelligent tool to use when you are shopping for a loan. Since you can change the interest rates to see how your EMIs are affected, you can make a cost comparison of loans from multiple banks to find one that suits you the best. Whether you are using IndiaFirst Life's loan EMI calculator as a home loan calculator, personal loan EMI calculator, or car loan calculator, the EMI calculation formula remains the same, ensuring that you get accurate figures every time.

It saves the need for using the EMI calculation formula manually

The EMI calculation formula is devised to ensure that you pay off more interest and less principal during the initial years of the loan tenure. As you begin paying EMIs and repaying the loan, this balance is slowly reversed so that a more significant portion of the EMI is diverted to paying off the principal component.

With a loan EMI calculator, you do not need to do any of this math manually—all you need to know is how to use EMI calculator to get what you need. The EMI amount calculator and EMI calculation formula do the work for you.

How do Retirement Calculators work?

How do EMI calculators work?

EMI calculators are tools that work on an inbuilt EMI calculation formula. The EMI formula is:

EMI = P X R X (1 + R)N/((1 + R)N - 1)

WHERE,

P = Loan Amount
R = Rate Of Interest
N = Loan Tenure In Months

An EMI calculator in India requires you to input these simple details and sit back to let the EMI calculation formula work for you. An online EMI amount calculator helps you determine the EMI amount you would be paying to borrow a specific loan amount, for a fixed number of years, at an interest rate specified by the lender.

What are the types of emi calculators?

There are many different types of EMI calculators customized to give you specific details. While the overall EMI calculation formula or EMI formula remains the same, different types of EMI calculators might cap the loan amount differently.

Home Loan EMI Calculator

With a home loan calculator, you can use the EMI formula to determine your home loan EMI.

Personal Loan EMI Calculator

Personal loans are unsecured loans. You must know precisely what financial situation you will be getting yourself into. A personal loan calculator can help you make an informed decision.

Car Loan EMI Calculator

Vehicles are a necessity for most people. A car loan calculator helps you understand what a vehicle would cost you in total (principal cost and interest).

Floating and flat EMI interest rate calculator

Depending on the loan you have chosen, you will either have a floating interest rate or a fixed one. With IndiaFirst Life's EMI interest rate calculator, you can stay on top of exactly how much you owe as the interest rate changes.

Frequently Asked Questions

Does the loan tenure affect my EMI for a car loan?

Answer: The loan tenure and EMI amount are inversely proportional to each other. So, the longer the tenure of the car loan, the lower the EMI amount will be. Conversely, a shorter loan tenure would mean higher EMIs. It is essential to note that the EMI comprises principal and interest payments. A longer tenure would increase the amount you need to pay towards the interest component of the EMI. A car loan EMI calculator gives you this breakdown so you can make the best choice for yourself.

How are the principal and the interest due paid through EMIs?

Answer: EMI has two main components—principal and interest. At the start of the loan tenure, most of the EMI is diverted towards paying off the interest amount, while the rest is used to pay off the principal amount. As the term progresses, more and more of your EMI is directed towards principal payment till you finish repaying the loan.

How can a Personal Loan EMI calculator help determine the loan selection?

Answer: A personal loan EMI calculator helps you compare loans from different lenders and financial institutions. Every bank charges a different interest rate, and loan tenures also vary depending on the lending institution. A personal loan EMI calculator requires you to enter the loan amount, tenure in months, and monthly interest rate to determine your EMI outgoing. By comparing the loan options available to you with the help of a personal loan calculator, you can select one that offers the most affordable interest rates and EMI repayment schedule.

How does the payment of EMI towards your home loan reduce your tax liability?

Answer

Owning your home is a dream come true. However, it is a capital expense, and a home loan is a liability you sign up for so you can make the purchase. The Indian government has created several avenues for homeowners to earn tax deductions and exemptions. A home loan is eligible to earn Section 80C deductions to reduce your tax liabilities.

1) Home loan EMI interest payments can be claimed under Section 24 of the IT Act of India

2) You can claim a deduction on home loan interest paid during pre-construction

3) Under Section 80C, you can avail of a tax deduction of up to Rs. 1.5 lakhs on principal repayment

4) You can claim Section 80C deductions for stamp duty and registration expenses

5) You can claim additional deductions under Section 80EE (up to Rs. 50,000) and Section 80EEA (up to Rs. 1.5 lakhs).

6) Co-owners of a home can both claim deductions in their individual income tax returns

How is car EMI calculated?

Answer: A car loan is a secured loan that you can take from a financial institution or bank to buy a vehicle. A car loan EMI calculation formula is the same as that used in different types of EMI calculators. EMI = [P x r (1+r) n] / [(1+r) n-1] where P = principal/loan amount, r = interest rate, and n = loan tenure in months. Use a car loan EMI calculator to apply the EMI formula and determine how much you need to repay the lender every month.

How is EMI calculated on a home loan?

Answer: Home loan EMI calculators use a fixed EMI calculation formula to determine how much you owe to the lender every month. Home loan EMI calculators require the principal amount or amount borrowed as loan, loan tenure in months, and monthly rate of interest to compute the repayment schedule. You can use the EMI calculation formula to determine your home loan EMI dues. Manual calculations tend to be time-consuming and prone to human error. With the IndiaFirst Life loan EMI calculator, you have the expertise of an automated home loan EMI calculator in your corner.

How to reduce your personal loan EMI?

Answer

There are several ways you can reduce your personal loan EMI.

You could increase the tenure of the loan. The term of a personal loan is inversely related to the EMI amount, i.e., a longer tenure necessitates a smaller EMI payment as the repayment schedule is spread out across a more extended period.

Opt for a step-down EMI payment schedule. In such a schedule, you pay a larger EMI amount during the initial period.

You can reduce your personal loan EMI by negotiating with the current lender or switching to a lender who is offering you a lower interest rate.

Is the car loan EMI fixed, or can it change in the future?

Answer: Depending on the loan you need and the lender offering it to you, your loan could have a floating or fixed interest rate. Typically, auto loans come with a fixed rate of interest that remains the same throughout the car loan tenure. Some banks and institutions offer a floating rate of interest that is affected by market fluctuations, which affects how much of your EMI goes towards the principal and interest repayment. Even when the interest rate is a floating one, your EMI allocation changes but the car loan EMI amount is likely to remain fixed.

What are the advantages of a car loan EMI calculator?

Answer: A car loan EMI calculator is a handy tool to help you understand how much you will end up paying for a car, for how long, and at what rate. Use a car loan calculator to make the EMI formula calculation process faster, easier, and provenly accurate. A car loan EMI calculator helps you plan your budget and break down the actual amount you need to pay towards your car loan.

What are the advantages of a personal loan EMI calculator?

Answer

A personal loan is one of India's most popular loan products because it is an unsecured and collateral-free loan. Using a personal loan EMI calculator offers you many advantages:

You can ensure that the EMI amount you sign up for is something that you can pay off comfortably.

A personal loan EMI calculator helps you experiment with various loan amounts, tenures, and interest rates to see how these factors affect your personal loan payments.

Save your time and energy by computing EMIs with the help of a personal loan calculator, which gives you accurate results in a few seconds.

What are the advantages of using a home loan EMI calculator?

Answer: A home loan calculator shows you the loan amount, the interest rate to be paid, total cost of purchase, interest, and monthly repayment or EMI amount. A home loan EMI calculator makes using the EMI calculation formula easy and quick for you. Once you see the EMI amount, you can manipulate the tenure to make the repayment comfortable for you. With a home loan calculator, you can bank on accurate EMI formula calculations, making it easier to compare loan offers and choose the best one for you. If you decide to make part payments on your loan, a home loan EMI calculator can show you how prepayment will affect your loan.

What happens if the interest rate goes up or down during the tenure of your loan?

Answer: In a fixed-rate loan, the interest rate remains fixed throughout the tenure of the loan. In the case of a floating rate loan, your interest rate can go up and down during the loan tenure as the rate is dependent on market rates. Most banks ensure that the EMI to be paid remains the same even when the interest rate changes. When the rate increases, the EMI formula allocates a more significant portion of the EMI towards interest payments. When the rate decreases, a higher amount is dedicated to the principal.

What happens if you miss your EMI payment?

Answer: One of the benefits of using a monthly EMI calculator is that you know in advance how much money needs to be budgeted towards loan repayment every month. Missing or skipping an EMI is not suitable for your financial health. Your credit score is likely to take a hit, and your bank will charge a substantial late payment fee. Defaulting on your EMI could also result in heftier EMIs in the future. Plan your finances with an EMI calculator in India so you do not miss payments.

What is a personal loan amortization schedule?

Answer: Amortisation is the financial process of breaking a loan down into an array of fixed payments till the payment schedule ends and the loan is paid off in full. A personal loan amortization schedule is a table that enlists how much EMI needs to be paid every month and how much of each EMI is directed towards interest and principal repayment. When you use a personal loan EMI calculator, you get access to a personal loan amortization schedule that lists scheduled payments, principal repayment, and interest expenses.

What is the impact of part payments on your EMI?

Answer: While a loan is a handy financial tool, most people want to be free of debt as soon as possible. If being debt-free is your primary goal, you have the option of making partial payments on the loan. You may choose to prepay your loan partially or fully. By partially prepaying your loan, you can reduce the future EMI installment amounts to be paid. Note: Banks may have a prepayment penalty or a fixed number of years after taking the loan, during which prepayment is not allowed. Check with your bank and use a car loan EMI calculator to understand how your EMIs will change after prepaying the loan amount partially.

When and how do I pay EMIs?

Answer: Once a loan is disbursed, EMIs or equated monthly installments are due on a specific date of every month. In most cases, the EMI is auto-debited from your account to the lender. You may be required to turn in a bunch of post-dated cheques to cover EMI payments. Use a monthly EMI calculator to ensure that the installment amounts are affordable for you before signing on the dotted line.

What does EMI mean?

Answer: An EMI, or Equated Monthly Instalment, is a fixed payment made by a borrower to a lender each month. It includes both the interest and the principal portion of the loan. Over the loan tenure, you repay the full amount through EMIs. They are an easy and convenient way of repaying loans as they provide a clear structure to the process. With a home loan EMI calculator, borrowers can easily calculate this monthly payment based on the loan terms.

When do my home loan EMIs start?

Answer

Your home loan EMIs usually begin after the bank/financial institution has fully disbursed the loan amount. The rules may differ in case you have opted for a partial-disbursement loan, where the money is released gradually over time.

In such a case, you may be required to pay pre-EMIs (interest-only payments) until the complete amount is given to you. Once the loan is fully disbursed, you will be expected to make regular EMI payments. A home loan EMI calculator can help you plan this transition more effectively.

How is EMI calculated?

Answer

EMI is calculated using a standard formula:

EMI = [P x R x (1+R)^N] / [(1+R)^N – 1]

Where:

P = Principal loan amount
R = Monthly interest rate (annual interest rate divided by 12)
N = Loan tenure in months

The easiest way to calculate EMIs is to use an online financial calculator like a home loan EMI calculator.

Is the EMI amount fixed?

Answer: It depends on the type of interest rate you have opted for. If the bank offers a fixed interest rate, the EMI amount will be fixed as well. However, if the loan comes with floating interest rates, the EMI amount is likely to fluctuate with changes in the interest rate. A house loan EMI calculator can help you get EMI estimates for a home loan with fixed interest rates.

What is a home loan, and how does it work?

Answer: A home loan is money you borrow from a bank or financial institution to purchase, build, or renovate a residential property. To repay the home loan, you pay EMIs over a fixed tenure. The EMI includes both the principal component of the loan, and the interest charged on it. Before you opt for a home loan, it is best to use a home loan EMI calculator to check EMI estimates, compare loan offers, and understand the repayment in a better way.

What is the maximum home loan that I can obtain?

Answer: A financial institution is likely to provide a loan amount that is 75-90% of the total property or the construction cost. The rest will have to be contributed by you.

Can I get approval for a home loan while I decide which property I should purchase?

Answer: Yes, lenders offer pre-approved home loans based on your income, credit score, and overall financial position. These loans are generally given prior to your selection of the property and can be availed of within six months from the date of sanction.

What is part/subsequent disbursement of a home loan?

Answer

It refers to the loan being released in gradual instalments for under-construction properties. Each release of the loan is called a ‘part’ or ‘subsequent’ disbursement. The repayment for these loans can differ from that of a regular loan, at least during the period when the loan is not fully disbursed.

What are the different types of home loans available in India?

Answer

In India, a variety of home loan options are available to meet different housing needs.

Home Purchase Loan: You can opt for this loan to buy a ready-to-move-in apartment/row house/bungalow, etc. or an under-construction residential property.

Home Construction Loan: This kind of loan provides funds to build a house on an existing plot.

Plot Loan: This provides financing to purchase land where you plan to build a home.

Home Improvement Loan: This is a smaller-budget loan that can help you cover costs related to renovation, painting, repairs, or adding fixtures and furnishings.

Home Extension Loan: If you have plans to expand your existing home, such as adding new rooms or floors, you can opt for this type of loan.

Balance Transfer Loan: This type of loan enables you to transfer an existing home loan to a new lender offering a better interest rate. It is best to check the new interest rate with a home loan EMI calculator before going for a new lender.

Top-up Loan: An additional loan taken over your current home loan, useful for extra expenses like higher education or personal needs.

Pre-approved Home Loan: This loan is given prior to your property selection, based on your income and credit profile.

NRI Home Loan: Specially designed for Non-Resident Indians purchasing property in India, this loan comes with different documentation and repayment plans.

Before you opt for any of these loans, it is advisable to use a financial calculator to get a clear idea of your repayment commitments. A home loan EMI calculator, in particular, can be of great help in helping you budget for loan purposes.

How can life insurance protect your home loan?

Answer

When you take a home loan, your family could be at risk of financial burden if something happens to you. Buying life insurance, especially term insurance, can protect against this risk.

When you buy a life insurance policy aligned to your loan amount and tenure, the payout in the event of your death goes directly to your nominee or lender. This ensures the outstanding loan is repaid as needed and prevents your family from losing the home or facing EMI obligations.

Unlike loan protection insurance, which directly settles the lender, life insurance provides flexibility: the excess payout can be used for your family's other financial needs, like children's education, daily expenses, or savings.

By adding life insurance or term insurance to your home loan planning, you ensure your loved ones can stay in their much-loved home without the stress of debt. It gives peace of mind, financial security, and a safeguard for both borrower and lender throughout the loan tenure.

Do I need a guarantor for a car loan?

Answer: You might not need a guarantor for your car loan if you have a good credit score and the loan amount is not large.

What is the typical tenure of a car loan in India?

Answer: The tenure for a car loan in India depends on the applicant. However, the typical tenure is usually 1 to 7 years. It may stretch longer for a large loan amount or if the borrower has opted for it. You can also reduce your tenure by prepaying the loan. A car loan EMI calculator can help you choose the best tenure based on your financial situation.

When do my car loan EMIs start?

Answer: Your home loan EMIs usually start after the loan has been sanctioned. Regardless, it is best to reach out to your lender to get clarification about this matter.

Can my car loan EMI amount be changed?

Answer: Your EMIs are fixed throughout the tenure. The EMI amount set during the car loan application process remains the same throughout the entire repayment period. It might change in case of prepayment or other specific cases. That is why it is advisable to use the car loan EMI calculator and choose an appropriate amount at the start.

Is the car loan EMI calculator based on a fixed or floating rate of interest?

Answer: An EMI calculator works assuming a fixed rate of interest over a period. As the interest changes in a floating interest rate scenario, it may not fit into the EMI calculation formula. To get EMI estimates for a floating interest rate, it is advisable to consult the lender. You will also receive an amortisation schedule when you apply for a loan.

Can this car loan EMI calculator also be used for second-hand car loans?

Answer: Yes, the car EMI calculator works for both new and used car loans. Just input the correct loan amount, rate, and tenure to get clear estimates for your second-hand car loan.

Can I get a car loan against my life insurance policy?

Answer: Yes, it may be possible for you to get a loan against your life insurance plan, using the policy’s accumulated cash value as collateral. However, it is important to read through the related terms and conditions when you buy life insurance plans and/or apply for a loan.