ICICI EMI Calculator

What is EMI?

EMI is the short form of “Equated Monthly Instalment”. EMI includes the repayment of principal as well as interest amount on your loan. EMI primarily depends upon Amount, Rate of interest and Time period. The longer the time period and lesser would be the EMI but you will end up paying more interest to your lender

What is EMI Calculator?

Fintra has come with a very effective tool so that you can calculate your EMI easily depending on various factors like rate of interest, tenure of the loan, etc. This will help you calculate the loan instalment i.e. EMI towards your Home loan, Car loan, Personal loan or any other loans.

How to use Fintra's EMI Calculator?

All you need to do is input the following to caclulate your EMI:

• Loan Amount: Enter the Loan Amount that you need
• Interest Rate (% per annum): Input prevailing Interest Rate that bank is charging
• Loan Tenure (in years): Enter your desired loan term for which you wish to avail the loan. A longer tenure increases the chances of getting loan approval. 
  
  

What are the benefits of using Fintra’s EMI calculator?

1. Helps you decide the EMI accurately without any errors and helps you make a desired plan that how you intend to pay back the EMI.
2. Saves your time which you would have wasted doing a long calculation to calculate the EMI amount which is a very exhaustive and time-consuming process.
3. You can access our EMI calculator anytime anywhere on our website or from our app.
   
   

How is EMI calculated?

The formula used to calculate the EMI is

EMI = [P x R x (1+R) ^N]/[(1+R) ^N-1]

Where P = Loan amount

R = Rate of interest

N = Tenure in number of months

Using the formula, you now have an idea that higher the loan amount or the rate of interest higher the EMI. Well the EMI payments decrease with the increase in tenure. But why get into this much of hassle when you can do it all much more efficiently using an EMI calculator.

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