🔥 EMI Calculator 🔢
Smart EMI Calculator Tool: Check Your Monthly Loan Installment (EMI) Easily.
In today's time, whether it is buying a house (Home Loan), buying a new car (Car Loan), or fulfilling personal needs, taking a Loan has become a part of our lives. But the biggest tension while taking a loan is - "How much installment will I have to pay every month?"
If this calculation goes wrong, the entire monthly budget of the house can get disturbed. To make this difficulty easy, we have created this Smart EMI Calculator Tool.
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| EMI Calculator |
In this post, we will know what EMI is, what factors make it go up or down, and how you can plan your loan correctly using our tool.
What is EMI?
The full form of EMI is Equated Monthly Installment.
In simple words, this is the fixed amount that you have to pay to the bank on a fixed date every month. When you pay EMI to the bank, two things are included in it:
Principal Amount: The money you have borrowed.
Interest: The charge the bank takes on that money.
Why does EMI Increase or Decrease? (3 Simple Factors)
When you use our tool, you will see three boxes. How much your EMI will be depends on these three things. Understand this in very simple language:
1. Principal Amount (How much you borrowed)
This is the amount you are asking from the bank.
Simple Logic: If you borrow more money, your EMI will also be higher. If you borrow less money, the EMI will be lower.
2. Interest Rate
This is the 'fee' the bank is taking in exchange for giving you money. This is in percentage (%).
Simple Logic: The higher the interest rate, the more expensive your installment will be. Therefore, before taking a loan, check which bank is giving the lowest rate.
3. Time (For how many years the loan is taken)
This is the most important point. In how many years do you want to return the money?
If you choose less time: You will have to pay a Big Installment (Big EMI) every month, but the loan will end quickly.
If you choose more time: Your installment will become Small (Small EMI), but you will pay interest to the bank for a long time, due to which you will have to pay more money in total.
How to use our EMI Calculator Tool?
Using this tool is very easy. Just follow the steps given below:
Enter Amount: Write in the first box how much loan you need (e.g., 500000).
Enter Rate: Write in the second box what the bank's interest rate is (e.g., 10.5).
Enter Time: Write in the third box in how many years you want to repay the loan (e.g., 5).
Calculate Button: Finally, click on the "Calculate EMI 🚀" button.
As soon as you click, your exact monthly EMI will appear in front of you like magic.
Tips for Right Loan Planning (Pro Tips)
The 40% Rule: Finance experts say that your EMI should not exceed 40% of your monthly income. If you earn 50,000, try not to keep the EMI more than 20,000.
Try Different Times: Try putting 5 years in the tool once and then 7 years. See how much difference comes in the installment. This will help you take the right decision.
Frequently Asked Questions (FAQ)
Q1: Can I use this calculator for any bank?
Yes, this calculator works on a standard formula, so you can use it to check loans from SBI, HDFC, ICICI, or any other bank.
Q2: Will checking repeatedly affect my CIBIL Score?
Absolutely not! This is just an online tool. You can use it for free as many times as you want; it does not affect your credit score.
Q3: Does this work for both Home Loan and Car Loan?
Yes, whether it is a home loan, car loan, or personal loan, you can check the EMI of any type of loan here.
Conclusion
Taking a loan is not wrong, but taking a loan without planning can be risky. Use our EMI Calculator, decide the installment according to your capacity, and fulfill your dreams without any tension.
Enter your details in the tool given above and check your EMI right now.
