How to use this EMI Calculator?
- Use the slider for Selecting Loan Amount
- Select the Loan tenure in Months using slider
- Move the slider and select the Interest Rate
- Recalculate your EMI anytime by changing the input sliders
- EMI will be calculated instantaneously when you move the sliders.
1What is an EMI?
EMI is equated monthly installments. It is pre-decided sum, that you as a borrower pays to the lender which could be a bank, each month in lieu of the due amount of loan taken. The concept is that you pay a part of the due amount each month at a certain interest rate until you pay back the amount in full.
2What is an EMI calculator?
An EMI calculator is an online loan EMI calculator which is an easy to use mathematical tool which used to calculate the monthly installments payable to the bank or the lender with help of a mathematical formula.
3How do i calculate loan EMI using this calculator?
Follow the below mentioned steps to use the EMI calculator effectively:
- Move the first slider to select the loan amount
- Move the second slider to select the interest rate
- Move the third slider to select loan tenure
- You can recalculate your EMI multiple times by changing the inputs
- You can only change the Inputs by moving the sliders
4What is the formula used to determine my monthly installments?
The mathematical formula is as follows:EMI= [P x R x (1 + R) ^N]/[(1+R) ^N-1];
- P, R and N are the variables, which means the EMI value will fluctuate each time you change any of these variables.
- 'P' denotes the 'Principal amount'. It is the total amount lent to you as a borrower by the bank or the lender.
- 'R' denotes the 'Interest rate'. It is the rate of interest charged on the principal amount. The interest may vary from bank to bank.
- 'N' denotes the total period of time for which the loan has been taken. This period is known as loan tenure. The loan must be paid in full by the end of this tenure to avoid penalties.
5How can i calculate EMIs online in India?
Follow the following steps to use the EMI calculator:
- Visit www.creditkaro.com, you'll reach the home page.
- Locate the 'More' tab on the top, a drop down will appear
- Click on the calculator option, a new page will appear on your screen
- Use the sliders to calculate you EMI
6What are the different types of EMI calculator available at CreditKaro?
At CreditKaro, there are two types of EMI calculators
- Home loan EMI calculator
- Personal loan EMI calculator
7Justify the importance of this calculator.
EMI is a key parameter of a loan and does affect your decision to opt for a loan. EMI of a loan product may vary from lender to lender and it is very important for a customer to understand how much money he/she is going to pay monthly with additional interest. Once the customer is sure about the monthly installments, a concrete decision can be taken with regards to loan type and amount selection.
8Can I use the same EMI calculator for both home loan and personal loan?
Calculation of any loan EMI includes three parameters – Loan amount, Interest rate and tenure. The only difference between them is the maximum principal amount, which is allowed as an input, this is why you will have to choose different calculators for different loan types.
9Is there any difference between EMIs quoted by banks and an EMI calculator?
In case of an EMI calculator, the EMI is calculated on the basis of provided inputs, which means whatever value you allow as an input will implicate the final value, so it may differ from what a particular bank may offer from their end.
10Is the EMI calculator reliable?
An EMI calculator works based on a mathematical algorithm. It showcases EMI based on provided inputs and thus there no chance of discrepancy or fraud.