EMI (Equated Monthly Installment) is the amount you pay back in installments to the financial institutes towards the repayment of loan. Your EMI loan mainly consists of interest & principal component. In the starting the principal component is lower than interest component and over a period of time the interest component decreases in relation to the principal. Our Loan EMI calculator is easy to use will help you to quickly determine the monthly installments you are likely to pay on repayment of your loan.
Some of the basic information you have to enter such as:-
- Amount of loan you wish to avail.
- Number of months you will like to repay the loan.
- Rate of interest you expect from the lenders.
- You can also use the slider to decrease or increase the values in the input parameters. The resultant EMI will be shown on the EMI calculator.
- The calculator will also show the total outgo in terms of interest & principal component for the entire tenure of loan.