Budget Effectively
Understand how your EMI fits into your financial plan and commitments.
What is EMI?
EMI, or Equated Monthly Installment, is the fixed amount you pay each month towards repaying your loan, which includes both the principal and the interest. By entering details such as loan amount, tenure, and interest rate into our EMI calculator, you can estimate your monthly repayment amount accurately. With Money Mentor, this helps you:
Compare Loan Options:
Evaluate different loan terms and amounts to find the best repayment plan for you.
Make Informed Decisions:
Gain insights into your financial obligations to make confident and smart financial choices.
EMI Calculator
₹
**Note: For exceeding 120 no. of payments, a group of 12 payments will be combined into a single payment number for better chart visibility.
| Period | Payment | Interest | Balance |
|---|
Application fee
₹500
Monthly fee
₹10
Total regular fees
₹1440
Total fees
₹1940
Calculator Disclaimer
The repayment amount shown using this calculator is an estimate, based on information you have provided. It is provided for illustrative purposes only and actual repayment amounts may vary. To find out actual repayment amounts, contact us. This calculation does not constitute a quote, loan approval, agreement or advice by My Finance. It does not take into account your personal or financial circumstances.
Formula to Calculate EMI
While our EMI calculator simplifies the process, here’s the formula behind it:
EMI = [P x R x (1+R)^N] / [(1+R)^N – 1]
Where:
- P: Principal loan amount
- R: Monthly interest rate (annual interest rate divided by 12)
- N: Loan tenure in months
Use Money Mentor’s EMI calculator to get accurate results instantly without the hassle of manual calculations.
How to Use the EMI Calculator?
Money Mentor’s EMI calculator is designed to provide clarity and precision for your financial planning. By analyzing repayment scenarios, it helps you make informed decisions about your commitments.
Steps to Use:
- Choose Loan Type: Select the type of loan (personal, car, home, or business).
- Enter Loan Amount: Specify the amount you want to borrow.
- Add Loan Tenure: Indicate the repayment period in months or years.
- Provide Interest Rate: Include the applicable interest rate to calculate your EMI.
With just a few details, Money Mentor’s EMI calculator reveals your monthly installments, helping you plan better.
Advantages of Using the EMI Calculator?
Informed Budgeting:
Understand how the EMI aligns with your current financial commitments.
Comparative Analysis:
Explore various loan options by adjusting the loan amount, tenure, and interest rate.
Confident Decision-Making:
Assess your financial obligations accurately, empowering you to make smarter choices.
Types of EMI Calculators
Money Mentor offers tailored EMI calculators for various loan types:
- Home Loan EMI Calculator: Calculate monthly payments for home purchases, renovations, or construction.
- Personal Loan EMI Calculator: Ideal for unsecured loans like travel, medical expenses, or education.
- Car Loan EMI Calculator: Estimate payments for vehicle purchases, including insurance and down payments.
- Education Loan EMI Calculator: Plan repayments for higher studies, including tuition fees and living expenses.
- Loan Against Property EMI Calculator: Calculate payments for loans secured by property.
FAQ
Need answers? We've got them
At Money Mentor, we understand that finding the right financial solution can raise many questions. Our comprehensive FAQ section is designed to provide clear and concise answers to help you make informed decisions. Whether you’re looking for loan options or need assistance with the application process, we’re here to guide you every step of the way.
EMI is calculated based on three factors: loan amount, interest rate, and loan tenure. It determines the fixed monthly amount to repay your principal and interest.
The due date is outlined in your loan agreement. Payments can typically be made through online banking, mobile banking, or direct debit.
A reduction in interest lowers your overall cost, while an increase may raise the EMI or extend the tenure.
Yes, partial prepayment can reduce your EMI or shorten the loan tenure. It improves your financial management and reduces interest costs.