Loan Amount
Tenure
Interest rate
EMI
₹ 5,510
Principal Amt.
₹ 3,00,000
Interest Payable
₹ 4,93,415
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EMI (Equated Monthly Installment) indicates the amount that you need to pay every month to repay your loan. The total EMI you pay throughout the tenure of the loan will include the principal borrowed amount as well as the interest. During the first few years of your loan tenure, a major chunk of the EMI will include the interest amount. However, the principal amount will make up the majority of the EMI amount toward the end of the loan tenure. The amount of time for which you will have to continue paying the EMI will depend on the loan amount.
In order to calculate EMI you will have to enter the total loan amount which you want to borrow, time duration of the loan, and the interest rate. The basic formula to calculate EMI is -
EMI = P x r x (1+r)^n/((1+r)^n -1)
The above variables stands for -
Say, you have taken a personal loan of Rs. 4 lakhs for 3 years at an interest rate of 20% p.a. Firstly, we need to convert the annual rate of interest into a monthly rate & also the loan tenure into months. To calculate the monthly interest rate, we have to divide the annual interest rate by the number of months in a year, i.e. 20/12 =1.66% per month The 3-year loan tenure must also be converted into months before putting it into the formula i.e. 36 months Now we have the three variables with us which we can integrate into the formula as follows -
EMI = [P x R x (1+R)^N]/[(1+R)^ N-1]
EMI = [4,00,000 x1.66/100 x (1+1.66/100) ^ 36 / [(1+1.66/100) ^ 36 -1)
EMI = Rs. 14,865
Total Payment = Principal Amount + Total Rate of Interest
= 14, 865 + 1,35,156
= 5,35, 156
The IIFL EMI calculator is a simple and convenient tool. You will have to follow a few basic steps to receive the right EMI amount as the output. The different steps that you need to follow are as follows:
The different factors that will influence the EMI amount payable for your loan are as follows:
The different types of EMI calculators are as follows:
A home loan EMI calculator is specifically designed for people purchasing a home. This calculator will ensure that borrowers know how much they have to pay every month after the purchase of their dream home.
If you are planning to get your own ride, a car loan EMI calculator can help. You will be able to pick the car model you can afford after determining the EMI that you need to bear every month.
Personal loans are extremely beneficial and help you meet a plethora of financial needs. A personal loan EMI calculator will allow you to manage your finances properly to repay the loan on time.
If you are taking a loan against property, you are providing collateral. Leverage a loan against property EMI calculator to understand how much you need to pay every month to repay the loan and get back the collateral from the lender.
An EMI calculator is extremely helpful when you don't know how to calculate EMI. It will help you instantly determine the EMI amount for different types of loans. Therefore, an EMI interest calculator plays a major role in helping you plan your finances.
The different benefits of using the IIFL monthly EMI calculator are as follows:
The IIFL EMI calculator lets you determine the EMIs for different types of loans for free. Anyone can use the EMI interest calculator on our site as many times as they want.
The IIFL EMI calculator is a simple and straightforward tool. You will only have to put the necessary details correctly, and the calculator will provide instant results.
The EMI calculator does not involve any manual calculations. Therefore, it eliminates the risk of error. If you provide the details correctly, you will always receive accurate results.
An EMI interest calculator can be used to get an idea of the EMI amount for different types of loans. For instance, these online calculators will help you determine the EMI for personal, car, or home loans.
The formula used by banks and the EMI calculator formula are the same. Therefore, you will get an idea of the right EMI amount from both places.
If you don't know how to calculate EMI, a reliable monthly EMI calculator will come to your rescue. It will accurately calculate the EMI amount to repay your loan.
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This certificate demonstrates that IIFL as an organization has defined and put in place best-practice information security processes.
ATTENTION INVESTORS
Risk Disclosure on Derivatives
Copyright © IIFL Securities Ltd. All rights Reserved.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213, IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
We are ISO 27001:2013 Certified.
This certificate demonstrates that IIFL as an organization has defined and put in place best-practice information security processes.