EMI Calculator
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EMI Calculator Tool – How to Calculate Your Loan EMI?
Are you planning to take a loan or want to check the monthly EMI of your existing loan? Our EMI Calculator Tool is the perfect solution for you! This tool helps you instantly determine how much EMI (Equated Monthly Installment) you need to pay every month, the total interest payable, and the overall repayment amount. The tool is simple to use and provides accurate results.
In this article, we will explain how to use the EMI Calculator Tool, its benefits, and why it is essential for better financial planning. Let's get started!
What is an EMI Calculator Tool?
An EMI Calculator Tool is an online tool that helps you calculate your monthly loan EMI, total interest payable, and total repayment amount based on the loan amount, interest rate, and tenure.
This tool is widely used for calculating EMIs for various types of loans, such as:
Personal Loans
Car Loans
Education Loans
Business Loans
Instead of manually calculating complex loan details, you can use this tool for quick and accurate results.
How to Use the EMI Calculator Tool?
1. Enter the Loan Amount
The loan amount is the total money you wish to borrow from a bank or financial institution.
Enter the amount in numbers, for example, ₹50,000 or ₹5,00,000.
2. Enter the Annual Interest Rate (%)
Input the interest rate applicable to your loan.
If your loan has an interest rate of 10%, enter 10.00 in the field.
3. Enter the Loan Tenure (Months/Years)
Loan tenure is the duration for which you will repay the loan.
If your loan period is 5 years, enter 60 months.
4. Click on "Calculate EMI"
Once you have filled in the details, click the "Calculate EMI" button.
The tool will instantly display your exact EMI, total interest, and total payment details.
5. View the EMI Calculation Results
After calculation, you will see the following details:
1. Monthly EMI: The fixed amount you need to pay every month.
2. Total Interest Payable: The total interest you will pay over the loan tenure.
3. Total Payment (Principal + Interest): The total amount you will repay, including the principal and interest.
You can change the values and recalculate your EMI anytime by entering new numbers and clicking "Calculate EMI" again.
Benefits of Using the EMI Calculator Tool
1. Quick and Accurate Results
The tool provides instant calculations, eliminating the need for manual calculations, which can be time-consuming and prone to errors.
2. Helps in Financial Planning
Knowing your EMI amount beforehand helps you plan your monthly budget and ensures you take a loan that fits your financial capacity.
3. Compare Different Loan Options
You can enter different values for the loan amount, interest rate, and tenure to compare various loan offers and choose the most suitable one.
4. Works for All Types of Loans
This calculator can be used for home loans, personal loans, education loans, car loans, business loans, and more.