Personal Loan EMI Calculator
EMI is a fixed payment made by a borrower to the lender every month to payoff both interest and principal. A person generally has limited monthly income month and there are various expenses to be met with that limited source of income. The banks or the lenders therefore break up the loan repayment in installments where the principal and the interest rate of the loan are amortized over the period of the loan term. This is repayment schedule is known as EMI. The value of the EMI depends upon the loan amount, interest rate charged for the loan and the loan duration. This calculator allows you to calculate the EMI (Equated monthly installments) for a given loan amount, interest rate and loan tenure. You can use this calculator to check the EMIs for different periods to decide which would be most suitable for you. You can also see how the change in interest rate affects the EMI and help you find out the effect of change in loan amount on the EMI. Your loan EMI will be higher in case you decide to pay your loan within a short-period compared to a long-period. Similarly, EMI will be higher for a higher loan amount and higher for a higher interest rate.
It can be used for any type of loans including home loan, personal loan, car loan etc. This calculator doesn't tell you if you will qualify for the loan. Assumptions:
- The interest rate remains fixed during the loan tenure
- Interest rate is compounded monthly
- Processing & other charges which may applicable as per the rules of banks and other lending institutions are not taken into account.
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