Loan Amount
₹10,000
Rate of Interest (Annual)
5%
Loan Tenure
3 Months
Monthly EMI:
Principal Amount:
Total interest:
Total amount:
EMI or Equated Monthly Installment is a fixed monthly payment that needs to be made by the loan borrower for the repayment of their home, car, personal, or any other loan. An EMI includes both your principal and the interest component, through which the entire loan amount is paid off within the stipulated number of months or years.
An EMI can be of two types: interest EMI and no-cost EMI. While most loans have interest levied on them like is usual, certain no-cost EMI plans are offered on e-commerce platforms such as Amazon, Flipkart, and Reliance Digital wherein you can purchase a product using EMI plans that have no interest levied on them. In such cases, usually, the retailer and the bank share the interest load as marketing expenses.
The online monthly BankKaro EMI calculator is easy to use. You can calculate your EMI and total repayment amount within a few seconds.
Your EMI or Equated Monthly Installment is dependent on a lot of factors including the ones mentioned above. You will need to understand them in detail before applying for any kind of loan.
Loan amount is one of the most important factors that determine your EMI. This is the least amount of money that you will need to repay. While personal loans usually have a lower loan amount of between Rs 50,000-20,00,000; car loans, home loans, and education loans have much higher loan amounts with some sort of collateral backing them.
The annual interest rate is something that you need to observe carefully before applying for a new loan. Usually, secured loans like home loans and vehicle loans have lower interest rates in the range of 6-10%. On the other hand, unsecured loan interest rates for personal loans could be in the range of 10-25%, and for credit cards, even as high as 45%.
The loan tenure is dependent on your repayment capabilities and the type of loan. Usually, large ticket loans like home loans and car loans have a higher loan tenure that is more than 60-70 months. In the case of personal loans, the loan tenure begins from as low as 3 months.
BankKaro uses this formula to calculate the total amount and EMI amount for your loan.
EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P stands for the loan amount or principal, R is the interest rate per month [if the interest rate per annum is 11%, then the rate of interest will be 11/(12 x 100)], and N is the number of monthly instalments.
A personal loan is an unsecured loan usually taken for purposes of marriage, expensive gadget purchases, international travel, or a sudden large expense. Because of their unsecured nature, personal loans usually attract high rates of interest. The Personal Loan EMI calculator by BankKaro provides you the ease of calculating your EMI amount based on the loan amount, loan tenure, and rate of interest.
Short term personal loan is a personal loan that has a short loan tenure, and usually is accompanied by a higher rate of interest. However, given the short tenure of a few days or weeks, the total interest amount payable is usually much lower. Short term personal loans are generally availed by salaried individuals who are short on funds during the days leading up to salary credits. BankKaro has a Short Term Personal Loan EMI calculator that allows you to calculate your EMI amount before you get one for yourself.
A home loan is a secured loan taken for the purchase of a land plot, a building floor, or an apartment. Until the tenure of the loan, the house or property is owned in the name of the bank to avoid loss in times of default. This is usually a long-term loan with maximum tenures going beyond 30 years for repayment. Apart from sporting a long tenure, a home loan also has low-interest rates and big-ticket amounts. You can use the Home Loan EMI calculator by BankKaro to determine how much EMI you will be paying for your upcoming home loan.
A vehicle loan is the one taken for your new car or bike. Buying a new vehicle for your commute is a big decision and taking a vehicle loan is usually a good idea to space out repayments for the big-ticket purchase. On failure of repayment, the vehicle is usually taken over by the bank and auctioned off for recovery. The BankKaro vehicle loan EMI calculator will help you calculate the perfect EMI plan and loan tenure during your new car or bike purchase.
An education loan is one of the best kinds of loans given the returns it offers in terms of knowledge and networking. In case you are looking to pursue higher education in India or outside, you can explore education loans from several banks and NBFCs in India, across different interest rates and tenures. The BankKaro education loan EMI calculator lets you calculate the EMI and total amount repayable using the loan amount, tenure, and interest rate.
Loan against property is the loan which you can avail against your property, residential or commercial, to obtain funds for other purposes. This is a type of secured loan wherein your property will be transferred into the name of the loan issuing bank. You should use the BankKaro Loan Against Property EMI calculator to calculate the EMI that will be most feasible for you to repay in order to avoid any defaults on this kind of loan.
There are several advantages of using the BankKaro EMI calculator:
Apart from EMI calculator, BankKaro also has a Personal Loan EMI calculator, Home Loan EMI calculator, Vehicle Loan EMI calculator, Loan Against Property EMI calculator, and more.
The EMI amount on your loan is calculated based on three major factors: Loan Amount – the amount of loan you avail; Rate of Interest – the annual interest rate applicable on your loan; and Loan Tenure – the months and years the loan has been availed for.
An EMI calculator is a tool that allows you to see your monthly EMI and the total amount to be repaid based on your loan amount, interest rate, and loan tenure.
The EMI calculator works using a simple formula which takes into consideration factors like your loan tenure, loan amount, and interest rate to find out your interest amount and the total amount payable in real time.
Using the BankKaro monthly EMI calculator, you can know in advance the amount of EMI you will be paying for your personal loan, car loan, home loan, or any other loans. This will allow you to go for an amount and tenure that suits your capability to repay.
While principal in an EMI is the amount that you borrowed, broken up into equal installments, the interest element depends on the bank and the type of loan.
Yes, the calculators for home, car, and personal loans largely work on the same formula that we have implemented in our online EMI calculator.
Ideally, if the details entered are accurate, the EMI amount shown by the calculator should be the same as what the bank will ask you to pay. However, floating interest rates can change your EMI amount or loan tenure during the repayment period.
In a floating interest plan, the loan EMI can change over the loan tenure. On the other hand, the loan EMI is fixed in a fixed interest plan.
Preclosure of a loan is usually subject to a penalty charge. Before pre-closing your loan before the end of its tenure, always calculate whether the loan interest payments will be less than or more than the penalty being charged.
All loan interest rates are dependent upon the repo rate issued by the Reserve Bank of India. With changing market conditions, this repo rate goes up and down affecting your interest rates. Thus, most loans in the market have a floating rate of interest that goes up and down as market interest rates.
If you fail to make an Equated Monthly Installment (EMI) payment, the response differs from bank to bank. You might be charged penalties, higher interest rates, or even get a credit default charge.