EMI stands for equated monthly installment and it is the amount that you have to pay in return to pay your loan amount to the banks or financial institutions. It is one of the important decision criteria for a borrower along with loan tenure and loan amount. You can easily calculate your loan emi with the help of various online emi calculator available online. Let us look at various types of online emi calculator available online in detail –
- Home Loan EMI calculator – The home loan emi calculator is one of the most important tools available to a home buyer. It can show various common features associated with an emi like tenure, monthly payment, rate of interest etc. Apart from this, a home loan emi calculator also provides facility to include pre payment towards the home loan payment. It is very useful for the borrowers who have opted for pre payment of emi.
- Car Loan EMI calculator – The car loan emi calculator can be used to calculate monthly payments that you have to pay in return to buy a car. This calculator will also tell you about your monthly emi payments, date of payments, processing charges etc. Down payment that you pay for your car loan will not be considered for calculating your car loan emi.
- Personal Loan EMI calculator – Personal loan emi calculator is the best tool available for a borrower going for a personal loan from a bank. Personal loan emi calculator will also ask you information about your current organization, total work experience, tenure etc to calculate your loan eligibility.
- Loan against property EMI calculator – You can utilize your own property to get funding for your needs. An emi calculator for loan against property will take usual inputs like loan amount, rate of interest, loan tenure etc to calculate your monthly emi.