EMI stands fro Equated Monthly Installment. It’s the fixed amount that your pay every month to the bank or institution towards the repayment of a loan that you take. The EMI paid goes towards the payment of interest as well as the principle amount of the loan.
EMI calculator is a simple tool that allows you to plan your finances better. Using the EMI calculator, you can enter the details of the loan you are planning to take and get the EMI amount that you will need to pay every month. All you need to do is enter the loan amount, tenure and interest rate. The calculator will give you the EMI that needs to be paid for that tenure.
Calculating EMIs manually is a tedious and time-consuming process, which is why most people avoid it. Many a times, people take loans that they are unable to pay as the EMI requirement is very high and falls out of their budget. In other scenarios, people cut their budgets and let go of that dream home or vacation because they do not know that they can afford a higher loan amount. By using the EMI calculator on Rupeepower, you can play around with the loan amount and interest rate and opt for the EMI you are most comfortable paying. This allows you to stay out of a debt trap. You can also get the best deals on personal loans at Rupeepower.
No matter if you are taking a personal loan, home loan or car loan, now you can easily calculate your EMIs using this simple, intuitive and accurate calculator tool provided by Rupeepower.
Before you start, you will need to know the loan amount, tenure, processing fee and the interest rate of your loan. There is also the option to pre-pay the loan amount in lumpsum to reduce the burden on the EMI. If you plan to prepay your loan, figure out the exact or approximate amount you intend to prepay and the frequency of such payments.
Use the sliders or manual entry box provided in the calculator to key in these loan parameters.
The calculator will then work out your loan repayment. Various details of the loan repayment including total interest outgo, the loan repayment schedule, principle outstanding etc. will be displayed in accurate detail allowing you to make choose your loan smartly.