EMI (Equated Monthly Instalment) is an essential part of a loan or credit and stands for a fixed amount which has to be paid by the borrower to the lender every month. EMI repayment includes the principal (which is computed by dividing the actual loan amount by the entire tenure) and interest amount (which is the added cost to the borrower). Longer the tenure, lower will be the EMIs. The EMI amount gets deducted from the loan amount every month to get to the outstanding payments.
A clear understanding of how much amount you need to pay as an EMI for your loan will help you plan your budget and spending accordingly.
So, how do you get the best estimated EMI figure? By using mymoneymantra’s EMI calculator!
An EMI calculator is basically a tool that helps in calculating the amount a borrower will be paying to the bank or NBFC (Non Banking Financing Company) on a monthly basis when he takes a loan.
Mymoneymantra’s Online Loan EMI Calculator helps you calculate the monthly instalment you need to pay for the desired loan amount. By using this tool you can plan your repayment schedule and monthly budget in advance. Just enter the desired loan amount, interest rate, loan tenor and click ‘Calculate’ to get an estimated value for EMIs to be paid.
Calculating EMI using mymoneymantra’s online EMI calculator has various benefit, such as:
Doing calculations manually can lead to errors, but an online EMI calculator can provide you hundred percent accuracy in calculation.
This tool is very easy to use; you don’t have to be technically pro to get the results. Entering just a few details is enough to get you the desired outcome.
Manual calculations related to your loan may take hours but, online EMI calculator can perform even the complicated calculations within a few milliseconds at a click of the mouse. No need to recheck the result again and again.
Our online EMI calculator is specific to each loan type. So, whether it’s a Personal Loan, Home Loan or another financing type, you can extract information accordingly.
Apart from EMI Calculator, MyMoneyMantra also has other useful tools on its online lending marketplace to help borrowers with better financial planning:
If you have an existing loan which you would like to transfer to another lender, using this tool can be very helpful. It helps you calculate the money you can save on transferring your loan to another bank.
You just need to enter a few details to get the result including loan amount, loan tenor, number of EMIs paid so far, current interest rate, new interest rate, new loan tenor and pre-payment penalty (in %).
If you wish to foreclose your loan account, this calculator helps you calculate your balance loan outstanding and penalty amount. To get the result, enter the loan amount, interest rate, loan tenor, number of EMIs paid so far and pre-payment penalty (in %).
This calculator helps you in assessing how quickly you can repay your outstanding loan amount by making part payments from time to time. Just enter loan amount, interest rate, loan tenor, number of EMIs paid so far and part payment details to get the result.
Before applying for a loan, check out our calculators to know your loan eligibility and repayment capacity to plan your finances perfectly. If you are looking for any funding related assistance, visit mymoneymantra.com, a leading online lending marketplace associated with over 100+ banks and NBFCs.