## Simple EMI Calculator

*Change – Loan Amount, Interest Rate & Loan Tenure as per your requirement

This EMI calculator automates the 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. To get the exact EMI amount:

- You should know your
**Loan Amount** - The
**Interest Rate**that the bank is going to charge you - How long is the
**Tenure**in which you want to repay the loan

### What is EMI?

Equated Monthly Installment – EMI in short – is the amount payable every month to the bank 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 paid monthly. The interest component of the EMI would be larger during the initial months and gradually reduce with each payment. 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.

Here’s the formula to calculate EMI:

where **E** = EMI

**P** = Principal Loan Amount

**r** = 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** = loan term / tenure / duration in number of months

### How to use EMI Calculator?

With colourful charts and instant results, LoanUncle’s** **EMI calculator is easy to use and compare loans, intuitive to understand and is quick to perform. Use our EMI calculator as a guide before availing for any kind of loan. EMI calculator let’s you** **judge how affordable a loan can be for you. You can calculate EMI for home loan, car loan, personal loan, education loan or any other fully amortizing loan using this calculator. If you feel the EMI is feasible for you to pay monthly, then apply for the loan.

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**Enter the below info in the EMI calculator:**

- Principal loan amount ( Rs. )
- Rate of interest ( % )
- Loan term ( months or years )
- Thats it!

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**EMI Calculator will show you:**

✔ Loan EMI (monthly installments)

✔ Total amount with interest to be paid.

✔ Total interest payable.

✔ Total amount payable.

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Enter the above information in the EMI calculator form, then EMI calculator will re-calculate your monthly payment (EMI) amount instantly.

A pie chart depicting the break-up of total payment (i.e., total principal vs. total interest payable) is also displayed. It displays the percentage of total interest versus principal amount in the sum total of all payments made against the loan. The payment schedule table showing payments made every month / year for the entire loan duration is displayed along with a chart showing interest and principal components paid each year. A portion of each payment is for the interest while the remaining amount is applied towards the principal balance. During initial loan period, a large portion of each payment is devoted to interest. With passage of time, larger portions pay down the principal. The payment schedule also shows the intermediate outstanding balance for each year which will be carried over to the next year.

If you think the EMI is more than you can afford, you can always recalculate it from the EMI Calculator.** **This time, enter either less loan amount or longer loan tenure in the calculator.** **You can continue to re-calculate until the EMI Calculator gives you an affordable EMI that satisfies you.

Also don’ forget to compare interest rates and quotes offered by different bank by visiting LoanUncle.org