Loan Emi Calculator Overview
BankBazaar.com offers an easy to use and read Loan EMI Calculator for its users. It is advisable to start your loan journey by calculating your EMI and plan
your outgoings based your earnings.
You can use our EMI calculator to calculate your Home Loan EMI, Personal Loan EMI or Car Loan EMI.
How it works?
- Loan Amount: Enter the Loan amount using the slider or the edit box you wish to borrow.
- Interest Rate: This is the Interest rate that is charged on the money borrowed. This rate is monthly reducing balance.
- Tenure: Select the period for which you wish to take the Loan.
- Processing Fees: Many banks charge a processing fee at the time of disbursing a loan. Processing fees typically vary between 0% to 3%
of the loan amount.
- EMI: By entering the four fields you can see your monthly EMI which you have to pay to the lender to pay off your loan. Based on your
loan EMI output you can check your eligibility in real time at BankBazaar.com.
Based on your loan eligibility BankBazaar will show you customized offers from various banks for home loan, car loan and personal loan. You can then select
the best offer and apply online at BankBazaar.com.
- Break-up of your total amount payable: The EMI Calculator tool gives you the total loan amount payable to the lender. Your total loan
amount payable is the sum of your loan amount (Principal), Interest payable and processing fees.
Gives you a monthly break-up of your loan payment. You can see the following columns under the Amortization Table:
- Starting Balance: The starting balance of any given period corresponds to the principal amount that is owed to the bank at the
beginning of that period.
- Interest Paid: This is the portion of your monthly payment that is applied towards interest. This portion will keep reducing each
successive month as the loan matures. The rest of your monthly payment is applied towards the loan principal.
- Principal Paid: This is the portion of your monthly payment that is applied towards the loan principal. This portion will keep
increasing each month as the loan matures. The rest of your monthly payment is applied towards interest.
- Ending Balance: The ending balance of any given period corresponds to the principal amount that is owed to the Bank at the end of that
- You can switch to Annual view of your loan amortization.