Monthly Payment

Number of Payments

Total Payments

Total Interest

EMI calculator is used to calculate your ‘**Equated Monthly Installment**’ that is required to make payment when you take a loan from the financial institutions. The loan may be an education loan, car loan, home loan, personal loan or even amortizing loan.

EMI calculator features its easy usage, intuitive and high performance levels. You can obtain charts instantly for different loan terms, interest rates, etc. Thus making it easier for you before applying for a loan.

Our EMI calculator consists of four important parameters to be filled in. They include information on Principal Loan Amount, Loan Term, Rate of Interest, EMI in arrears (exclusively for car loan).

1) You may be entitled to seek a hefty loan from a financial institution but you must be calculative in arriving at an optimal equated monthly instalment, EMI.

2) There are certain factors that reflect your EMI and you should understand the factors that contribute before selecting your EMI.

3) The factors that broadly govern the EMI are: **1. Loan Term, 2. Interest Rate, 3. Loan Amount. **

1) Your due amount that is to be remitted can be done as per the loan tenure and the value of the EMI is dependent on the assigned loan term.

2) You can reduce your EMI amount by increasing the loan term and you can increase your EMI amount by reducing the loan term.

Your due amount is dependent on the rate of interest on the principal amount. If the rate of interest on the loan is low then you will find the repayments to be low.

Depending upon your capacity to make the repayments of EMI you must decide the factors such as loan amount and the chosen rate of interest. However, once you decide on the loan amount, then the EMI can be calculated accordingly.

Online EMI calculator benefits in multiple ways to those who are intending to seek a loan, it can be secured or unsecured advance.

Opting for a loan is one aspect while repayment of the loan is the next essential one. You must be able to plan your EMI carefully so that it doesn’t cause a heavy burden in making repayments.

Henceforth if you intend to calculate EMI on the loan amount you must plan it with greater precision.

- You must be careful in choosing the loan amount to make sure that the debt-to-income ratio is below 50 percent. If you plan to maintain this stated ratio then there will be a likelihood of your loan approval.
- To calculate the EMI on your opted loan amount, you may find it difficult to solve the complex calculations manually.
- In addition, it may consume more time than expected. Usually, the complex calculations do cause mistakes and it may further complicate to arrive at the exact EMI value.
- Each loan has a specific calculation and the approved EMI differs. A home loan breakup of the EMI is different from a personal loan.
- Therefore the utilization of the EMI calculator can save you time, energy, and expenses.

Are you after a good EMI calculator that can serve your specific purpose? If so, you can choose an EMI calculator that can calculate **home loans, personal loans, car loans, and mortgage loans**.

**1.** Fundamentally, if you observe, home loans involve huge principal amounts and the payment period is long. That means you will be under a repayment burden for years altogether thus controlling your financial spending on other issues.

Therefore, you must choose the right amount, the tenure of loan repayment, and the interest rate provided by the financial institutions. In such situations, you need to have strategic planning to make repayments.

**2.** If you consider the Toolerz.com website for your home loan EMI calculations then you can opt for deriving the EMI amount. Users have already approved it to be user-friendly.

**3.** How to calculate? The process is simple, you must enter the loan amount that you plan to obtain, years of loan repayment, and rate of interest. You can secure the value of an EMI loan instantly.

Several financial institutions offer you loans to purchase cars in the car markets. Cars are usually valued in lakhs and a lump sum amount of investment is difficult for every buyer.

If you opt for a car loan, you must be mindful that you will have to repay the principal amount and the interest component. So, if you want to purchase a car and be able to repay without any discomfort you will have to calculate on a financial EMI calculator to obtain more accurate results.

In case, you fail to repay the loan amount your purchased car shall be put to auction, and your dream to own a car shall perish.

Keeping the negative sentiments aside, it will be wise if you move on to the toolerz.com website. Here, you can calculate your car loan EMI in a simple manner.

You will have to enter the empty blanks with the loan amount, interest rate, and loan tenure. You can obtain your monthly EMI amount.

Personal loans are unsecured loans and they are issued to encounter a medical emergency, relocation, home renovation, wedding, etc.

The basic property of a personal loan is they attract high-interest rates, and holds short repayment terms.

On the Toolerz.com website, you will have to enter the loan amount, interest rate, and loan tenure and seek the EMI results.

A parent can opt for an education loan for student education within the country/ abroad. After the moratorium period, you will have to make a repayment of the due amount.

You can calculate your Education loan’s EMI using the education loan calculator.

You need to enter the loan amount, rate of interest, and loan tenure and calculate the loan repayment amount.

The loan against property is classified under the secured loan, and your residential/ commercial/ land can be mortgaged.

The EMI can be calculated by filling up the loan amount, rate of interest, and loan tenure.

Your due amount can alter based on the rate of interest and loan amount.

Check for low rates of interest as lower interest rates can reduce the overall due amount.

On a chosen loan amount, if you go for long-tenure repayment you will end up paying more money into the interest component.

In the short tenure, you will end up paying less interest rates but will have the burden of higher EMIs.

**Q1: Should I Use the Same Calculator for Car/Personal loans?**

**Ans:** Yes, usually the basic information input in the calculator is the loan amount, prepayments, tenure, rate of interest, and processing fee. With a few exceptions, you can go for the same calculator. ** **

**Q2: Why do I find my EMI Calculator results differ from the Financial Institution Due Amount?**

**Ans:** Assume that the financial institution approves a loan and you are ready to obtain it. Still, you may differ in your calculations on the due amount that you are expected to pay over a period. It can be due to the following reasons

- The financial institutions may have their processing fee and usually, they differ among banks.
The financial institutions may differ in the interest rates they put on the principal amount. Hence, there is a likelihood of a change in the due amount.

**Q3: What shall be the Consequences If I fail to repay my EMI?****Ans:**If you fail to make repayments on time, your financial institution shall charge you a penalty fee.At the same time, when you fail to make timely payment, your credit score shall reflect negatively on your credit score.

**Q4: How Does Loan Interest Rate Affect the EMI Loan repayments?****Ans:**There are two types of loan repayments: Fixed rate of interest / floating rate of interest.In the floating rate of interest, the loan EMI amount keeps differing every month and shall be for a fixed loan tenure.

In case of the fixed rate of interest, the loan EMI remains constant every month and the repayment term of the loan will be more than the ‘floating rate of interest’ term.

**Q5: In how many ways can I adjust the loan repayment if I opt for a loan prepayment option?****Ans:**In case you opt for the loan repayment option and make payment of part loan then your due amount shall change accordingly.You can request the financial institution to settle the due amount in either of the ways.

First, Keep the EMI loan payment the same as the previously paid EMI loan and thereby reducing the tenure of the loan.

Second, Reduce the EMI loan amount and maintain the same loan tenure as signed per the initial contract.

**Q6: Is it advisable to go for the pre-closure of a loan?****Ans:**The term pre-closure means closing your loan dues before the end of your loan tenure. Remember, doing such activities shall affect your credit score, it will create a negative effect.Hence, to avoid a negative impact on credit scores, you can go for an alternate way. You must opt to make a payment of your loan and not the complete closure of the loan.

Such actions shall reduce the loan tenure to save more on interest payments. However, the financial institutions shall charge a penalty fee for prepayment.

**Q7: Explain the Steps Involved in the Calculation of a Bike’s EMI Loan.****Ans:**If you take a loan from the money lender and commit to repaying on a monthly basis then you will have to know the equated monthly installments.Each month, you will have to pay a part of the principal amount and the interest component.

EMI = Principal amount + Interest on Principal Amount.

**EMI**is calculated by a money lender by applying the following formula:**{P x R x (1+R)^N / [(1+R)^N-1]}**(P refers to the principal amount | R refers to the rate of interest | and N does refer to the monthly installments.)

**Q8: State the Essential Documents If I apply for a bike loan.****Ans:**After selecting your loan lender you will have to submit the following documents when you proceed with the bike loan.You must submit the Know Your Customer, KYC documents that reflect your personal details, financial details, and communication details.

While submitting the KYC documents you must support the application with identity proof, current address proof, your PAN copy, a bank statement, and income proof ( Form 16/Salary Slips/ITR).