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# Loan EMI Calculator Online

• 24-Feb-2022

EMI stands for Equated Monthly Installment that enables borrowers to calculate their monthly payable EMIs. This amount will be paid regularly to banks & financial institutions for a certain tenure period. It carries the combination of interest & principal that is paid in a single amount. The sum of payment & interest together is divided by the tenure. Howsoever, at the initial phase, applicable interest rates on EMIs would be higher gradually after each payment the EMIs will be reduced.

If you are planning to avail loan no matter whether you opt for a home loan, business loan, car loan or any other loan. Knowing your regular monthly payment is essential to plan your finances accordingly.

EMI Calculator is an auto-calculator online tool, it's a user-friendly tool- anyone can use it without third-party involvement. The calculator tool has the potential to forecast future payable amounts. In addition, to preparing a financial budget roadmap.

An easy formula to calculate EMI:

P x R x (1+R)^N / [(1+R)^N-1] where-

P stands for Principal

N stands for Loan Tenure

R stands for Monthly Interest Rate

#### How to use EMI Calculator?

With the use of EMI Calculator, you can calculate EMI for a home loans, personal loans, business loans & other loans.

All you have to do is enter the loan amount, interest rate & loan tenure within a few seconds it fetches the calculation & estimates the payable amount with a table of sheets representing each month's principal, interest amount, EMI payment & balance principal.

#### Home Loan EMI Calculation with Example

For example, if a borrowerâ€™s avail loan of Rs.30,00,000 at an interest rate of 7.00% for a tenure of 30 years.

Principal Amount: - Rs. 30,00,000

Rate of Interest: - 7.00%

No of Monthly Installment: - 360 months or (30 Years)

Monthly Payable EMI: - 19959

EMI paid for the year: - 109296

Refer below table for initial 12 months payable:-

Also Read:- Home loan for Construction

#### Personal Loan EMI Calculator

For example, let us take that below are the details of personal loans.

Total amount payable

Loan EMI: - Rs.16251

Total Interest: - Rs.8,5044

Total Payment: - Rs.585044

#### Benefits of using a Personal Loan EMI Calculator

Personal loans are secured loans that allow borrowers to avail loan without pledging collateral/security. These funds can be used for various purposes including higher education, medical expenses, wedding, travel & other requirements.

1. Flexibility of usage: - When it comes to personal loan EMI calculation, it's a user-friendly tool that allows borrowers to calculate EMI in less than 30 seconds.
2. Accurate report: - Are you wasting time by doing manual calculations with complex formulas. Let it be aside while online EMI calculator tool available here to ease your process as well as gives the accurate report.
3. Enhance Credit Score: - If you ever made default on loan EMIs & because of that face low score, personal loans is most preferred by borrowers & easily repayable loan that enhance your credit score instantly.

#### Why choose Financeseva EMI Calculator?

Financeseva offers plenty of benefits for checking its EMI Calculators, some of them are mentioned below: -

• When you enter inputs to calculate EMIs, it fetches the data & unlocks 80+ loan offers that match your profile.
• Comparison among banks that enable applicants to choose the right lender at a single platform.
• Loan amount ranging from Rs.50,000 to 5 Cr based on applicant requirements.