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Monthly EMI
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Interest Amount 0
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Equated monthly installment (EMI) refers to the fixed amount that the borrower pays monthly to repay the loan within a certain period. An EMI comprises the following:
In the beginning, most of the EMI would comprise interest, whereas, over the years, the proportion of the principal would increase.
An EMI calculator is an online tool that computes the number of monthly installments to be paid by you depending on the following:
Rather than doing calculations manually, the calculator gives you an estimation of your monthly EMI, total interest payable, and repayment amount.
The calculator may be used for the following types of loans:
The EMI Calculator uses the loan amortization formula to calculate monthly repayments.
EMI=P×r×(1+r) n(1+r) n−1EMI=\frac {P\times r\times(1+r) ^n} {(1+r) ^n-1} EMI=(1+r) n−1P×r×(1+r) n
Where:
In case of a loan that carries fixed interest rates, the formula generates a fixed monthly EMI till the loan period. In case of floating interest rates, the value of EMI or the loan period might vary according to the applicable interest rate.
Though the mathematical calculation is the same, there might be some extra provisions that apply to some loan products in addition to the formula, like moratorium periods, variable interest rates, and even prepayments which are not included in an ordinary EMI calculator.
The process of using Jainam’s EMI calculator is simple and fast.
Enter the loan amount you are planning to take.
Enter the annual interest rate provided by the lender.
Select the repayment duration for months/years.
The calculator will display instantly the following:
You may enter the loan amount, interest rate, and tenure several times to get different repayment plans and choose the one that is best suited for your budget.
EMI Calculator by Jainam makes loan planning easier by offering fast and clear repayment estimations.
Allows evaluation of various loan periods and interests before making a choice.
There are several aspects that contribute to determining your EMI payment each month
As the principal amount of the loan goes up, the EMI amount will go up too, provided all other things are equal.
The interest rate affects the cost of borrowing. When the interest rate is higher, the monthly EMI amount is higher. It also makes you pay more interest throughout the period of loan tenure.
The longer the tenure of a loan, the lower the monthly EMI amount; however, it makes you pay more interest.
A loan can have either:
A. Fixed Interest Rate: EMI usually does not change during the loan term, unless any other condition is mentioned in the loan agreement.
B. Floating Interest Rate: Interest rate changes based on the market scenario or the lender benchmark, which can further change future EMIs or the loan tenure.
Partial prepayments will lower the remaining balance. This depends on the lender’s policies, whether the EMI will be reduced, the loan period shortened, or both.
An online EMI calculator lets one make a comparative analysis of various loans before choosing a loan.
One can vary the following:
This would let him/her analyze the effect of varying each parameter on:
Thus, comparing various repayment schemes, he/she can choose a loan that suits his/her repayment ability and future financial plans.
Yes. EMI calculators are suitable for most fixed-tenure loans that follow a standard repayment schedule, including:
For specialized borrowing products such as Gold Loans or Margin Trading Facility (MTF) financing, dedicated calculators may provide more relevant estimates by considering product-specific factors such as loan margins, collateral value, applicable interest structure, or tenure.
An EMI calculator is a tool for financial planning that gives you approximate results depending upon the inputs given by you.
An EMI calculator usually does not take into consideration the following:
It is advisable to go through the terms and conditions of the lender while taking out a loan.
An EMI comprises two elements, which include repaying the principal loan amount and the interest charged by the lender. During the early periods of the loan, more emphasis is made on paying the interest than repaying the principal loan amount.
It is the comparison between the monthly debt obligations and the gross monthly income. Generally, the lower the DTI, the better the repayment ability. However, there are different lending criteria that apply to various financial institutions. A healthy DTI ratio should be below 50%.
When you miss EMI payments, there may be penalties and interest, and your credit score may be affected depending on the frequency of default.
The conventional EMI calculator will help determine EMIs for different loans within the tenure period. For specialized products like Gold Loan/MTF finance, it is advisable to use calculators dedicated to these types of products.
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