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Now Loan Calculation Becomes Easy: EMI Calculator

Business, Investments, Loans etc are all different schemes that play with numbers. It has been found that calculating different loans, monthly interests, Insurance are a headache. Not everyone is good at numbers and calculations. Therefore to make it more easy and convenient and accurate EMI Calculators have come into rescue. In the following article we are going to understand what is an EMI and EMI Calculator, How does it perform, its features and Benefits.

What is an EMI (Equated Monthly Payment)?

EMI is otherwise called as “Equated Monthly Instalment”. It is a fixed payment amount which is made by the Borrowers to the lender at a specified date of each month. The equated monthly instalments are used to pay off both the interest and principal each month over a specified number of years. The loan should be paid off in full. The borrower makes fixed periodic payments to the lender over the course of several years with the goal of retiring the loan. In EMI, the borrower usually pays a fixed amount each month. The major benefit of an EMI is that the borrowers are aware of how much money they have to pay at a particular date. This makes the personal budgeting technique easier.

EMI Calculators:

The EMI Calculators are the tools that are used to calculate the loans on the EMI before purchasing or thinking of making an investment. This can be a Home Loan EMI or a Car Loan EMI. Education Loan EMI.

Let's make it simpler by breaking into bits and understand with the help of an Example: Let's take an example that you have decided to take a Loan. It can be a personal/car/education/Home Loan. Before, finalising any loan we start making calculations and get a rough estimation about how much loan is it going to cost you. The cost is calculated in terms of monthly instalments that have to be paid towards the loan and they are thus referred as the Equated Monthly Investments. To get to know about the EMI you need to calculate the amount borrowed, the interest that you will have to pay on the amount and the amount that you will have to pay as the processing fee is known to be as Loan. Once you get to know about the numbers, you can calculate it. If in case you find the amount to be quite large then you can reduce it and check again. Once you have a right EMI, you will now start looking for the banks that offer these loans.

How do EMI Calculators work?

The EMI Calculators are the tools that require a user to enter the amount you want to borrow, the duration of the loan, the interest rates and the processing fees and it will provide you the final calculation. The EMI Calculators follows the basic formula:

E= P*r*(1+r)^n/((1+r)^n-1)

E= is the amount you have to pay every month.
P= the amount you want to borrow.
R= the rate of interest that is applicable but calculated on a monthly basis.
N= number of duration of the loan in terms of months. So if you select 5 years, it will be 60.

The Types of EMI Calculator:

1. Home Loan EMI Calculator:

This gives the exact EMI that is payable for every month for a specific amount borrowed and a specific tenure. It also provides the facility to include planned pre-payments towards the home loan.

2. Car Loan EMI Calculator:

It is a tool that is used to calculate the exact amount that you have to pay on a monthly basis when you plan to take a home loan. The calculator will collect the information such as the amount you wish to borrow, the interest rates, the processing fee and the tenure of the loan and provide you with the amount that you will pay every month.

3. Personal Loan EMI Calculator:

It is an Ideal tool for deciding how much you can afford to pay for a specific personal loan. It collects the details of how much you wish to borrow and the duration, interest rates and the processing fees for the loan. This can also be customised into pre-payments that you intend to make before tell you the EMI Amount that you have to pay.

Features and Benefits of the EMI Calculator:

1. Easy and Convenient:

Offers convenient calculations done in seconds. These compare the offerings of various banks and reach the decisions without wasting time.

2. Accuracy:

The EMI Calculators will reduce the error making and gives more accurate and correct loan values.

3. Specific To Each Loan:

The EMI Calculators will give you a precise information for home or personal loans specifically.

4. Amortisation Tables:

These are an important part of an EMI Calculator. This shows you the future that means it will show how much you have paid back each year of the loan. In terms of interest and principal. Other features of EMI Calculator are Speedy Calculation, Graphic Representations of amounts paid.