EMI Calculator : It is a financial online tool which shows the exact amount to be paid at specified date of every month till the entire loan is paid with interest. With the help of EMI calculator, Borrowers get most vital information about their forthcoming monthly outflow as a repayment of entire loan amount while applying for loan. It also helps borrower as how much loan amount would be feasible for him in terms of making repayment of loan to the lender. EMI claculator helps borrowers to easily understand and financially comfortable in making repayment of Loan.
How It Works ?
Loan Amount: Enter the Loan amount which you wish to borrow. For better financial planning, monthly loan EMI should not be more than 40% of your monthly income.
- Interest Rate: This is the Interest rate that is charged on the money borrowed.
- Tenure: Select the period for which you wish to take the Home Loan. Loan Against Property tenures is upto 15 years only.
The formula for EMI (in arrears) is:
Where E is EMI, P is Principal Loan Amount, r is rate of interest & n is for loan tenure.