Online Loan EMI Calculator for Home, Car, Personal or Education Loan
This calculator is also popularly known as Loan EMI Calculator or Home Loan EMI calculator. Loan Calculator is used by major banks such as SBI, HDFC, Axis Bank etc. InvestmentYogi provides a very simple calculator for knowing the EMI on the loan applied.
Why should you use this calculator?
If you are confused about the amount of EMI you need to pay on a loan that you have taken or about to take, this calculator will help you clear your doubts. Thousands of our users have used this to make better decisions with their loans. So can you.
How to use this calculator?
There are only three entries to make:
Loan amount - The total amount of your loan taken or to be taken.
Loan Period- The time period in months (12 x number of years). For your convenience, here is the number of months in these years
10 years – 120 months
15 years – 180 months
20 years – 240 months
30 years – 360 months
Interest Rate - The interest rate for the loans, assuming that it is a fixed interest rate loan. If it is a floating rate loan the EMI needs to be calculated according to changed interest, outstanding balance and remaining tenure.
Once you have entered these three values, click on the submit button to know your monthly EMI amount in seconds. EMI is assumed to be paid at the end of each month.
When should you use this Calculator?
This calculator is to be used after taking a home loan or while applying for a loan. It gives an understanding of the monthly outgo for the liability. One need not be a financial expert for using this calculator.
Can it be used in any other situation?
This can also be used while opting for a Refinance of the home loan. Home loan Refinance is usually done when the current interest rates in the market are lower and thus there would be a benefit in the long term.
How to embed this calculator widget on your website
If you have a finance related blog or website, you can add this calculator widget to your website using the following code in your html:
<iframe src=”http://www.investmentyogi.com/widgets/IYHomeLoanEMI.aspx” height=”200px” width=”90%” scrolling=”no” frameborder=”0″>
Frequently asked questions about Home Loans
Some frequently asked questions on home loans are answered in the following articles:
How are EMI’s Calculated? This article tells you what EMI is all about and how financial institutions like Banks compute it.
Guide to Buying Your First Home – Part III This is a quick guide to know about the entire loan process, right from application to disbursement.