Thursday, July 11, 2013

EMI Calculator for Home Loan, Car Loan & Personal Loan

We were in the Process of Updating the current site thats why we have not published any post for last few weeks. We really appreciate your feedback and continuous support to this site . Here we are presenting you a post on EMI (Equated Monthly Installment). Being a Banker and if your are specially working in Credit Processing,  you have to deal frequently with this term. We are also presenting you EMI Calculators so that you can download the same from here by which u can calculate EMI for Home Loan, Car Loan & Personal Loan easily.

Equated Monthly Installment – EMI for short – is the amount payable every month to the bank or any other financial institution until the loan amount is fully paid off. It consists of the interest on loan as well as part of the principal amount to be repaid. The sum of principal amount and interest is divided by the tenure, i.e., number of months, in which the loan has to be repaid. This amount has to be repaid monthly. The interest component of the EMI would be larger in the initial months and gradually reduce when compared to the principal amount. The exact percentage allocated towards payment of the principal depends on the interest rate. Even though your monthly EMI payment won’t change, the proportion of principal and interest components will change with time. With each successive payment, you’ll pay more towards the principal and less in interest.

The formula to calculate EMI:


E is EMI
P is Principal Loan Amount
r is rate of interest calculated on monthly basis. (i.e., r = Rate of Annual interest/12/100. If rate of interest is 10.5% per annum, then r = 10.5/12/100=0.00875)
n is loan term / tenure / duration in number of months

For example, if you borrow Indian Rupee 10,00,000 from the bank at 10.5% annual interest for a period of 10 years (i.e., 120 months), then EMI = Indian Rupee 10,00,000 * 0.00875 * (1 + 0.00875)120 / ((1 + 0.00875)120 – 1) = Indian Rupee 13,493. i.e., you will have to pay Indian Rupee 13,493 for 120 months to repay the entire loan amount. The total amount payable will be Indian Rupee 13,493 * 120 = Indian Rupee 16,19,220 that includes Indian Rupee 6,19,220 as interest toward the loan.

Computing EMI for different combinations of principal loan amount, interest rates and loan term using the above formula by hand is time consuming, complex and error prone. Therefore we are providing you EMI calculator automates this calculation for you and gives you the result in a split second along with visual charts displaying payment schedule and the break-up of total payment.

 Download EMI Calculators: 

Feedback on this post is always welcome.

Team Finacle Commands


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