The Websolutionstuff EMI calculator calculates home loan EMI, car loan EMI, personal loan EMI and education loan. This online calculator is easy to use and displays monthly EMI, total interest, and the total amount payable. Also, the chart displays a graphical view of interest rates and principal amounts.
What is EMI ?
EMI stands for equated monthly installment. It relates to payments made regularly to repay an outstanding loan within a certain time frame. As the name implies, these installments are always of the same amount.
An equated monthly installment (EMI) is a set monthly payment provided by a borrower to a creditor on a set day, each month. EMIs apply to both interest and principal each month, and the loan is paid off in full over some years.
It consists of the interest on the loan as well as part of the principal amount to be repaid. The sum of the principal amount and interest is divided by the tenure.
There are several EMI calculators available online; one must choose an accurate EMI calculator and learn its usage to calculate the exact EMI amount they are liable to pay for a loan.
Factors Affect in Due Amount
There are certain factors you need to consider while planning for applying for a loan. Based on your financial and repayment capacity, you will be required to calculate equated monthly installments (EMI). Here are a few factors to consider.
The total duration of time over which you spread your loan EMI payments to pay off the entire loan amount.
The rate of interest is a vital factor that will help to assess the installment amount owed.
Based on the loan amount you choose, your equated monthly installment will be calculated accordingly.
The formula of loan EMI
There is a specific formula that websolutionstuff uses to compute the EMI amount for a loan.
EMI = [P x R x (1+R) ^N] / [(1+R) ^ (N-1)]
Types of EMI Calculator
A home loan is a secured loan taken from a financial institution for the purpose of buying a residential property. You can avail a home loan to buy a ready-to-move in house or apartment or one that is under construction. You can use the Home Loan EMI Calculator of Websolutionstuff. You just need to enter your loan amount, interest rate, and loan tenure, and you will get the monthly EMI amount instantly.
A car loan finance is a loan availed for buying a new car. Purchase a pre-owned car. A car loan finance can be availed individually or jointly with close relatives. On failure, your car may be taken away and put up for auction to recover the balance amount left to be paid. You can use the Car Loan EMI Calculator of Websolutionstuff. You just need to enter your loan amount, interest rate, and loan tenure, and you will get the monthly EMI amount instantly.
A Personal loan is a type of unsecured loan that you can borrow from a bank or financial institution if you require funds to pay for your financial needs. Personal loans are mostly taken to serve multiple purposes like medical emergency, vacation, relocation, wedding, home renovation, etc. Since they are an unsecured loan, they have a relatively higher interest rate and a shorter tenure. You can use the Personal Loan EMI Calculator of Websolutionstuff. By entering your loan amount, interest rate, and loan tenure, you can calculate your EMI.
An education loan is a sum of money borrowed to finance higher education, college, or school-related expenses while pursuing an academic degree. The loan’s EMI is required to be repaid with interest after a moratorium period. By entering the loan amount, rate of interest, and loan tenure in the Education Loan EMI Calculator, you can calculate the sum of the EMI amount which you need to repay.