Your EMI is calculated on this remaining amount depending on the interest rate and tenure of the loan.Įducation-loan EMI calculator: As higher-education costs have risen over the years, the need for education loans has also increased simultaneously. For the remaining amount, you can take a loan from the bank. To buy a car, you need to make a downpayment. Many banks offer a car loan that will help you to purchase a car. The home-loan calculator helps you calculate the monthly EMI that you will pay towards your home loan.Ĭar-loan EMI calculator: Buying a car is also one of the important goals for many. So, a home loan comes into the picture, wherein you can take a loan from the bank to buy a house. Home-loan EMI calculator: Buying a house is a dream goal for everyone, but to buy a house, you need to have a large corpus. You can use a personal-loan EMI calculator to calculate your EMI on the personal loan. Personal-loan EMI calculator: Personal loans are taken for short-term expenses such as family vacations, debt repayments, home renovation, medical emergencies etc.

Let’s understand each of these in detail: There are multiple types of EMI calculators, such as the personal-loan EMI calculator, home-loan EMI calculator, car-loan EMI calculator, education-loan EMI calculator, etc. This can assist you in selecting a repayment strategy that complements your budgetary objectives.įinally, an online EMI calculator can help you manage your finances more effectively and make informed loan choices. You can select various tenure choices to see how they impact your monthly payments. You can use this information to decide the loan size and term, among other things. You can select the one that best fits your financial situation.Īn online EMI calculator can show you how different interest rates can influence your monthly payments. It helps you in evaluating the EMI amounts for loans with different rates of interest. It will help you control your expenditures effectively so that they fit your budget. The following are some applications of an EMI calculator:Īn EMI calculator can assist you in creating a budget by providing the precise monthly amount you will have to pay for a loan. The EMI calculator is a tool that you can use to determine the monthly instalment amount for a loan based on the loan amount, tenure, and interest rate, as well as the principal and interest repayment. Also, it will show you the total interest payable during the loan tenure.Īdditionally, the EMI calculator will also show you the complete amortisation schedule for the loan, which indicates your monthly repayment towards principal and interest. You can enter the loan tenure in both months or years by tapping on the desired option.įinally, after filling in all the details, the calculator will show you the EMI amount you need to pay for the loan. It is the duration in which you want to pay off your loan. Lastly, you have to fill out a loan tenure. It is the rate at which your lender has agreed to lend you the money. Now, you have to enter the rate of interest of the loan. Here are the steps to calculate your EMI:įirstly, you must enter the amount you want to borrow from the financial institution. You just have to enter the loan information and it will calculate your EMI.

ET Money’s EMI Calculator is very easy to use.

Automobile loan emi calculator