- Emi calculator
Equated monthly instalment or EMI is the amount which is bound to pay every month, if you avail any home loan from any bank or any financial institution. EMI is paid until the total loan amount will be paid off. EMI includes interest of loan and some part of principle amount. It is very necessary to be aware about total money you are going to pay which includes your principle amount and interest of loan.
The formula of calculating the EMI is
To make the process effortless and fast we provide you an EMI calculator, which calculates your EMI just by availing some information.
What is EMI calculator?
Emi calculator is the tool that assists you to get a clear understanding about the total outflow of cash towards your homeloan which includes the total payable amount, monthly EMI payment and what will be the interest of loan that will incur.This helps in making the decision about the requirement of own investment in the property. Hence, it is critical to know the EMI, to calculate your Home Loan eligibility and for having an effective buying decision.
How does EMI calculator work?
You can calculate your EMI just by applying simple steps:-
- Add your total loan amount that you are planning to avail. (Example- Rs.40,00,000)
- Select the time period (in months)for which you wish to apply for the home loan. (Example- 120 months) *Note: Higher time period – Higher chances to be eligible for a loan
- Add the rate of interest, every bank has their own interest policy so add your interest rate according to your bank. (Example- 8%)