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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. 

 Also Read:- PMEGP Loan

Home Loan EMI Calculation with Example 

For example, if a borrower’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:- 

S No. Principal Interest Amount EMI Payment Balance 
2459 17500 19959 2997541 
2473 17486 19959 2995068 
2488 17471 19959 2992580 
2502 17457 19959 2990077 
2517 17442 19959 2987560 
2532 17427 19959 2985029 
2546 17413 19959 2982482 
2561 17398 19959 2979921 
2576 17383 19959 2977345 
10 2591 17368 19959 2974754 
11 2606 17353 19959 2972147 
12 2622 17338 19959 2969526 

 Also Read:- Home loan for Construction

Personal Loan EMI Calculator 

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

Loan amount Interest Rate Loan tenure 
Rs. 5 lakh 10.50% 3 Years 

Total amount payable 

Loan EMI: - Rs.16251 

Total Interest: - Rs.8,5044 

Total Payment: - Rs.585044 


Amortization Schedule 

S No. Principal Interest Amount EMI Payment Balance 
6169 43750 49919 4993831 
6223 43696 49919 4987608 
6277 43642 49919 4981331 
6332 43587 49919 4974998 
6388 43531 49919 4968610 
6444 43475 49919 4962167 
6500 43419 49919 4955667 
6557 43362 49919 4949110 
6614 43305 49919 4942496 
10 6672 43247 49919 4935823 


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.


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