EMI Calculator

EMI stands for “Equated Monthly Instalment” which is an agreement between a borrower and a lender in which the borrower pays the loan amount taken as loan from lender in form of monthly investment with interest over a pre-determined period. The EMI is used to pay both the principal and interest components of an outstanding loan.

How you can determine your EMI?

Using an EMI calculator that you can use to calculate the EMI amount which will be your monthly pay-out and then you can plan your budget accordingly. Now-a-days you can buy almost everything on EMI. You have to buy a car you can get it on EMI and then you can check the EMI amount using EMI calculator for car or home loan EMI calculator for loan on homes. Depending on the loan one chooses there are different EMI calculators like –

• Home loan EMI calculator
• Personal loan EMI calculator
• Car loan EMI calculator
• Education loan EMI calculator

Factors your EMI is dependent on?

1. Amount borrowed – the EMI is dependent on the amount and the interest is also calculated on this principal amount.
2. Rate of Interest- the rate at which interest will be computed. It is advisable to check the rate of interest of different banks before making a final choice.
3. Tenure of loan – refers to the total amount of time in which the repayment will be done.
4. Monthly resting period – resting period is the regular interval at which the loan amount balance is recalculated and refers to the periodicity of compounding. For example in case of a monthly rest, the balance loan amount is recalculated and decreases every month.

Factors affecting EMI

• if the borrower pays the loan by making a pre-payment through the tenure of loan, either the subsequent EMI’s get reduced or the tenure is reduced or even both can happen. In the opposite case if the borrower skips an EMI then the EMI’s increase or the tenure increases or even both.
• Also, in case of floating rate loans if the rate of interest decreases the EMI reduces or the tenure decreases or even both. On an increase in rate of interest the reverse happens.

Flexible loan repayment option

Some banks offer flexible repayment of loans option in which the EMI’s vary over time. In step-up loans you pay lower EMI in starting which eventually increases. In cases of step-down loans, you pay higher EMI in starting which decreases over the period.

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 to get into this much of hassle when you can do it all much more efficiently using an EMI calculator.

EMI Calculator

We have come with a very effective tool so that you can calculate your EMI easily depending on various factors like rate of interest, tenure of loan, etc. It is very simple to use and equally effective.

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 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 at the go of a click from our app.

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