EMI Calculator India
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EMI Calculator India Best EMI Calculator for Home Loans, Auto Loans, PersonalLoans by Banks in India like SBI, PNB, ICICI, Axis Bank etc.
EMI calculator below allows you to compare variousoptions or quotes from different banks / financialinstitutions.
Compare Your EMIs for House Loans, Vehicle Loans, Personal Loans with different InterestRates and different Repayment Periods
Repayment Period(in Months)
Rate of InterestPayable Loan Amount EMI or Monthly
Repayment
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The above EMI calculator gives a close approximation of loan repayments, but actual amount may differ from Bank to Bank, asdifferent Banks sometimes use slightly different methods for EMI calculations. Click below for a more detailed month wiserepayment of Interest and Principal through monthly EMIs. EMI Calculator MONTH WISE DETAILED BIFURCATION OF INTEREST AND PRINCIPAL of
EMIs (EXCEL FILE FOR FREE DOWNLOAD) Frequently Asked Questions About EMI Calculator :
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Q.1 : What is an EMI ? EMI means 'Equated Monthly Installments'. Thus, EMI calculator gives you the amount that you have to pay every month towardsrepayment of your loan. Q.2 : What are the factors on which an EMI depends ? EMI for a given loan amount depends on (a) loan amount, (b) rate of interest and (c) tenure of the loan. EMI will be lower if oneincreases the loan tenure / repayment period of the loan. Q. 3: Do Banks Charge Interest towards beginning of Loan Period or Towards End of Loan Period ? Each EMI comprises of (i) an interest component and (ii) a principal component. Thus, interest on loan is paid on a continuousbasis.
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Q. 4 : In which type of loans is EMI applicable ? EMI is mainly used for retail loans that are offered by all major banks in India. (These banks use the same EMI formulafor arriving at the monthly installments. However, there can be minor variations owing to the method adopted for theinitial payments or the timing of the installment during the month). Q. 5 : Why EMIs are Popular?
EMIs are popular both with the borrowers and lenders. Borrowers prefer them as they know precisely how muchmoney they will need to pay toward their loan eachmonth. This helps them making the personal monthlybudgeting process easier. Lenders are able to monitor therepayments easily and any default is repayment can beeasily detected. Q. 6 : How to Calculate my EMI for a Loan ? EMI formula is a bit complex. Even most of the bankersare not aware of the formula for calculation of the EMI. Let us first understand how does the banks calculateinterest and principal payments from each EMI. Themost important point you have to understand is that EMIconsists of repayment of an unequal combination ofprincipal and interest rate. In the initial years of loanrepayment, interest payments for major portion of theEMI while the principal amount is much less. However,towards the end of the repayment tenure, it is more of the
principal that is being repaid, and only small portion is the interest. Thus, though the EMI remains constant every month, one pays a higher component of interest when he / she beganrepaying the loan and a higher component of principal towards the end.We will discuss below the formula and other excel utilities available for detailed calculation of EMIs.
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EMI Formula
We have already mentioned elsewhere that this formula is a bit complex. A person with not much background of mathematics willfind difficult to understand or make use of the same. However, the mathematical formula for calculation of EMI is as under : EMI = (p*r) (1+r)^n ___________ (1+r)^n 1p = principal (amount of loan) r = rate of interest per instalment period, i.e., if interest is 12% p.a. r = 1, n = no. of installments in the tenure, ^ denotes whole to the power.
EMI CALCULATOR IN EXCEL : CLICK HERE TO KNOW HOW TO CALCULATE EMI IN EXCEL
Click Here to Know : Whether You Can Afford EMI and Tips for EMI Based Loans
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