Recalculate your Loan EMI and Total Interest Due in a snap!
Monthly amount paid to your Loan provider
Your debt repayment schedule in regular instalments over a period of time.
|Year||Principal Paid(A)||Interest Paid(B)||Total Payment (A+B)||Outstanding Loan Balance||Pre-payment|
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Know your EMIs in seconds with BankBazaar’s unique online financial tool - the EMI Calculator! Get a wealth of information pertaining to your loan payments in quick, easy steps to save time and money and make the most-informed choice to successfully meet your financing needs.
BankBazaar’s EMI Calculator helps calculate the monthly instalments payable on any of your loans whether a personal loan, auto loan or home loan.
Calculating EMIs can be a tedious and confusing process. However, BankBazaar has an exceptional and simple EMI Calculator which lets you know the precise amount of your monthly EMIs instantly.
Help you arrive at EMIs in seconds - This calculator will help you calculate exactly how much money you need to pay towards your loan each month.
Simplify calculations - Determine EMIs accurately with minimal effort to reduce stress and confusion caused by tedious manual calculations.
Help plan your finances - Compare possible EMIs by varying the key loan parameters of tenure, amount and interest rate to determine which loan plan is the most affordable to you.
Be it a home loan, personal loan or car loan, now you can easily calculate your EMIs using this user-friendly tool offered by BankBazaar.
Using this calculator is very easy. All you need are the following loan details:
The loan EMI calculator will instantly reveal your monthly EMI amount payable on the loan!
It will also provide a clear, graphic and tabular break-up of your loan repayments, using the EMI so calculated. In addition an amortization table is created which gives you a detailed overview of your repayment schedule. A cut above the rest, BankBazaar’s EMI Calculator delivers more than you expect.
Top picks from our Financial Expert
The most common thing everyone asks when they avail a loan is “What are EMIs? How do I know how much...
Most of us do not know how loan EMIs are calculated. Yet, we make payments as per the repayment schedule...
EMIs can be broadly classified as EMI during loan disbursal or EMI after you get the loan...
Manoj Kumar, 29, a Bangalore-based MNC employee, fulfilled his dream of owning a new a car in 2010...
The most common thing everyone asks when they avail a loan is “What are EMIs? How do I know how much I have to repay every month to clear my loan?”
Understanding EMIs and amortization tables is probably the most confusing part of the entire process of availing any kind of loan. The EMI, or Equated Monthly Instalment, is important because it signifies monthly outflows towards repayment of the loan.In order to calculate EMI for your loan, you should first understand its components:
The formula consists of using the loan amount, interest rate and tenure of the loan (in months): to find out your EMI (Equated Monthly Instalments)M = No of months to pay the loan
For example: You avail a home loan of Rs.5 lakhs and the bank disburses the loan in instalments of Rs.1 lakh each at each stage of completion of the house being funded. Once the first instalment is disbursed i.e.Rs.1 lakh, the borrower begins making interest payments. Pre-EMIs do not reduce the principal component of the loan amount..Advantages of Pre-EMIs
Here, EMIs i.e. interest + principal are repaid only once the entire loan amount is disbursed.Advantages of Full EMIs
If you plan to sell the house, or are expecting large income inflows orare anticipating higher returns from the property funded by the loan, it is better to opt for Pre-EMIs. However, if you are not sure and do not want to take any undue risks, Full EMIs are a better option.
Manoj Kumar, 29, a Bangalore-based MNC employee, fulfilled his dream of owning a new a car in 2010. He bought a car for about Rs 5.95 lakh. He managed to do this by availing a car loan. The down payment he was required to pay was Rs 1.5 lakh and the remaining amount was funded by his auto financier. The car loan interest rate was 12% p.a. and the loan tenure was set at four years. As per the terms of the agreement, he currently pays a monthly EMI of Rs. 11,700. Manoj goes by the payment schedule as set out by the bank. But, how does he verify the amounts payable as per the schedule? Is there any way he can reduce or increase the EMI based on his financial situation?
Calculating EMIs can be confusing and tedious. There are many borrowers who find it hard to understand EMI calculations and Manoj is no exception. Most borrowers are unsure whether they are paying the right amount as EMIs; in many cases, the lenders themselves may have erred in their calculations.
The irony of it all it that EMIs are not that hard to understand. Using MS Excel, a very popular tool used the world over, anyone can easily calculate the amounts due as EMIs.MICROSOFT EXCEL FOR EMI CALCULATION
An Excel spreadsheet is a software specifically designed for mathematical calculations and performs calculations using a number of preset formulae. This makes it one of the most convenient tools to calculate and understand EMIs or repayment schedules.STEPS TO CALCULATE LOAN EMIs USING EXCEL
To calculate loan EMIs using Excel, you have to use the function ‘PMT’ . You will need to know the rate of interest (rate), the tenure of your loan (nper) and, the value of the loan or present value (pv). Apply this to the formula: =PMT(rate,nper,pv).Example:
If you were to choose a different frequency, say a quarterly payment schedule as opposed to monthly payments, all you would have to do is factor this into the formula to get the desired results.Example:
Its really as simple as plugging in data and receiving results, completely eliminating confusion and anomalies. This not only helps you as a borrower in choosing the right loan plan but also helps you adjust your EMIs according to your financial situation.
HDFC Bank offers various loan products meant for customers of different demographics and incomes. Calculating EMI on any of the loans can be done through a few simple clicks at BankBazaar which specializes in providing free financial services to customers and general visitors.
Availing loans can be a very tricky proposition if you don’t know the underlying details such as EMI amounts, interest rates, processing charges and amortization. You may be looking for a car loan, personal loan, or even a house loan, and the best place to begin your search starts from the Internet.
BankBazaar offers a dedicated EMI Calculator tool that will provide you with information regarding the loan break-up and amortization details. You can access this tool by following these steps:
Once you select an option as detailed above, you will be taken to a new page with different dynamic fields. To use the HDFC Loan EMI Calculator, please follow the steps outlined below:
Once you are done with filling the details, click on ‘Calculate’. The results will appear just below the ‘Calculate’ button. The results are shown in terms of ‘Your Monthly Car/Home/Personal Loan EMI’, ‘Loan Break-up’ and ‘Amortization Details’.
EMI Amount: The monthly amount you have to repay for your particular loan product, according to the details entered by you.
Loan Break-up: Loan Break-up section will show details such as the loan amount, total interest payable, processing fee, and the total repayable amount. The results are also shown aesthetically in graphical format.
Amortization: This result will show details of the amount to be paid at any point during the loan tenure such as principal paid, interest paid, outstanding balance, and total payment made.
Posted on 3rd February 2016
The Reserve Bank of India (RBI) on Tuesday left its repo rate untouched at 6.75 percent ahead of the Union Budget.
RBI Governor Raghuram Rajan said the country needs to maintain its economic growth, which is currently bolstered by steady disinflation and a modest current account deficit. He said the central bank will wait for the budget to present the fiscal roadmap for the country, to determine whether a rate cut would be required.
The RBI projected a retail inflation of 5 percent by the end of the fiscal year 2016-17, and a gross value added growth of 7.6 percent for the next fiscal.
Posted on 1st February 2016
The Reserve Bank of India (RBI) is expected to cut its repo rates once more in the current easing cycle, which means that interest rates on loans will decline slightly. The rate-cut could come either on Tuesday during the declaration of the RBI’s sixth bimonthly policy, or after the Union Budget for 2016-17.
Posted on 29th January 2016
The Reserve Bank of India will be convening a meeting on February 2nd, 2016, which could have an impact on interest rates. Experts are of the opinion that the RBI may cut the rate by 25-50 basis points, thanks to rising inflation in the economy. As per the goals of the RBI, it aims to achieve an annual inflation of under 5% in the coming year, but it has its task cut out with inflation jumping constantly.
Posted on 28th January 2016
If conditions permit, the central bank of the country, RBI may announce a rate cut of 25-50 basis points. This has been revealed by India Ratings or Ind-Ra. Although, since a few rate cuts last year, RBI has almost done away with any planned rate cuts for the year 2016. However, Ind-Ra feels that the stance of RBI in this regard could swing towards a base rate cut of 25-50 basis points.
With a further rate cut in the base rate, all rates offered by banks will come down further and as such customers with financial instruments like Fixed Deposits and Recurring Deposits will earn a lower rate of return. On the other hand, customers with any kind of loan liability will see a decrease in their loan repayment installment or the EMI due to a reduced rate of interest.
Posted on 27th January 2016
The Oil companies in India are trying to sell cooking gas on EMIs basis so as to increase their sell. These companies target to sell nearly 10 crore new LPG connections in the next 3 years on EMI basis. According to Dharmendra Pradhan – the Union Minister for Petroleum and Natural Gas, people living below the poverty line would receive 50% rebate on new LPG connection. The cost of a new LPG connection which usually goes up Rs. 3,400 would be converted into EMIs and paid over 24 installments.
Posted on 25th January 2016
The Reserve Bank of India has asked commercial and cooperative banks, in more than 150 districts to provide loans to women of Self Help Groups (SHG). These loans will be provided for an amount of up to Rs. 3 lakhs. This amount will be provided at an attractive rate of interest of just 7%. The loans will be provided as per the National Rural Livelihoods Mission (NRLM), under the Aajeevika scheme during 2015-16. Any woman is eligible, and can apply for this loan. However, if the applicant already has an existing credit with the Swarnjayanti Gram Swarozgar Yojana, she will not be eligible for this loan.
Posted on 22nd January 2016
The Reserve Bank of India is expected to cut its interest rates further. So far, the bank has already made four reductions in the last year. A survey conducted by 28 economist recently revealed that expectations have not changed much in the past three months and there is only a moderate economic growth noticeable in India.
Posted on 21st January 2016
The Reserve Bank of India, India’s central bank modified the cut-off rate, setting it at 6.76% at the 4 day repo rate auction held recently. It also kept the weighted average at 6.81%, apart from allotting a total of Rs 80.95 billion.
Posted on 12th January 2016
Infrastructure term-lender IFCI announced today that it has cut its current lending rate to 11.7 per cent. The move is a reduction by 0.3 per cent on its benchmark lending rate and will come into effect from January 18 2016.
IFCI Ltd, which is a Government of India non-banking finance company, released a statement stating that it has reduced its benchmark lending rate (IBR) by 30 basis points to 11.70 per cent effective Monday.
Shares of IFCI Ltd closed at Rs 27.15 per share on the BSE today, which represented a drop of 0.55 per cent.
Posted on 11th January 2016
The government of India issued two new documents in the last few days, one on mid-year economic analysis and another on debt management strategy. These documents, while opposing each other could have an impact on interest rates in the future. In the event of a deferring inflation estimate, the RBI will find it hard to implement a rate cut, as it had previously done last time, with no rate cut to be executed in all likelihood.
Posted on 8th January 2016
Promising speedy loan repayments, Chief Minister of Kerala, Oommen Chandy called for interest-free loans for farmers who come under the ambit of interest subvention scheme on Tuesday. To the end, the state government is willing to take up more responsibilities, he said. Agriculture Minister K.P. Mohanan opined that the agricultural rate of growth in Kerala rose from -7% in 2010-11 to 5.26% in 2014-15.