EMI Calculator

Calculate EMI on Home, Car, Education Loan and Personal Loans

With the promotion of Rs. 0-cost EMI(Equated monthly instalment), easy accessibility of credit cards, spontaneous need for money, or to fulfil the dream, the trend of taking loans is increasing. Taking a loan empowers you to buy things like a home or car, take services like healthcare and education at the right time, and pay for them later. However, repaying the loan can be a burden to you if you do not plan the repayment accurately. EMI calculator helps you plan the loan repayment, whether for a car, bike education, personal or home loan

What is an EMI Calculator?

The EMI calculator is a financial tool that helps you decide the equated monthly instalment (EMI) that borrowers pay to the lender over a fixed time within a defined tenure. The EMI calculation enables you to plan your other finance requirements and loan repayments.

How Does the EMI Calculator Work?

The EMI calculator works on a formula that requires you to enter the fixed tenure in which you want or need to pay the loan, principal amount, rate of interest, etc., to calculate the EMI. Once you enter these variables, the financial tool calculates the amount you need to pay each month to your lender.

For example, a student has taken an education loan of 4 LPA and is allowed to repay it in 7 years. The rate of interest is 12%, so each month, the EMI will pay Rs. 8898 with an interest amount of Rs. 13,387.

Formula of EMI Calculator

The specific formula used to compute the EMI amount for a loan is:

EMI = [p x r (1+r) ^k]/ [(1+r) ^ (k-1)]

Where:

• p is the principal amount (The loan amount you have taken)
• r is the rate of interest (Interest at which you will need to repay the loan)
• k is the loan tenure (In how many year(s), you can repay the loan)

Factors Affecting Your EMI Amount

Three factors—the rate of interest, the loan amount, and the tenure—affect your EMI amount.

1. Rate of Interest (ROI)

One of the crucial factors that affect your loan amount is the rate of interest. The higher the interest rate, the higher the EMI you will need to pay each month or choose to extend the tenure of your loan or do both.

2. Principal  Amount

Choosing the principal amount to borrow signifies the EMI. According to your borrowed amount, EMI is calculated.

3. Repayment Tenure

With the extension or reduction in loan tenure, the EMI amount increases or decreases. You must also know that extending and reducing loan tenure also increases or decreases the total interest you pay. 

Types of EMI Calculator

The EMI calculators may vary depending on the use cases. The GoPocket EMI calculator acts as a student loan EMI calculator, car EMI calculator, home loan EMI calculator, general purpose EMI calculator, credit card loan EMI calculator, business loan EMI calculator, etc.

Home Loan EMI Calculator

Home loans are among the most enormous loans people take in their lifetime. It involves a substantial principal amount. Therefore, its repayment should be planned strategically. The Gopocket EMI loan calculator helps you conveniently calculate the home loan EMI with its easy-to-use app. You just need to enter the principal amount of your loan, the tenure in which you want to pay the amount (you can increase or decrease while calculating), and the interest rate. The app will reflect the EMI amount you need to repay.

Car Loan EMI Calculator

Nowadays, buying a car is a dream of many of us. Car loans help in fulfilling this dream. However, car loans are usually short-term loans that must be repaid within a stipulated time. With an EMI calculator, you can decide the amount you must pay to complete the loan on time. In the Gopocket car loan EMI calculator, you just need to enter the loan amount you borrowed from a bank or car loan agency to buy the car, the rate of interest, and the allocated tenure to pay the amount. You will get the monthly EMI amount.

Education Loan EMI Calculator

Various institutions, government schemes, public banks, and private study centres offer student loans for higher and abroad studies at different interest rates. An EMI calculator can help you calculate the EMI amount needed to be paid for a fixed tenure. You can then use the calculator to compare loans and select the one that best suits your finances, future scope, and requirements.

Personal Loan EMI Calculator

Personal loans refer to loans taken for personal reasons like home renovation, weddings, medical emergencies, vacations, relocation, etc. The personal loan generally needs to be paid in a short tenure, with a higher interest rate. The EMI calculator helps plan personal loans. To calculate the monthly payable amount for a personal loan, you must enter the loan amount, rate of interest, and tenure on the personal loan EMI calculator. GoPocket helps you calculate any loan easily with its EMI calculator.

Business Loan EMI Calculator

GoPocket EMI calculator also helps you calculate the business loan EMIs. Most people take a loan against a commercial or residential property in business loans. Many government schemes and banks offer loans for businesses. To repay the loan without any strain on your finances, you must calculate the EMI amount for your business loan.

Apart from these, you can compute the EMI of a gold loan, land loan, bike loan, credit card, etc., with the GoPocket EMI loan calculator.

Benefits of Using EMI Calculator

Using an EMI calculator has numerous advantages.

• With EMI calculator, you can calculate the amount you require to pay each month for your loan.
• According to your paying capacity, you can also increase the EMI amount and complete the loan tenure earlier.
• With an EMI calculator, you do not need to use formulas or do complex calculations.

GoPocket EMI Calculator: A Leading Loan EMI Calculator

GoPocket EMI calculator is the leading financial tool for calculating EMI. It has an easy-to-use interface, instant calculation, and error-free calculation.

Why Choose GoPocket EMI Calculator?

• Simple to use
• Error-free calculation
• Fast Result
• No need to give personal details
• Detailed information for loan tenure with monthly EMI breakup

How to Calculate EMI with GoPocket?

Calculate the EMI with GoPocket by entering the loan amount, interest rate, and loan tenure. The GoPocket EMI tool will instantly show the EMI amount and the total interest you must pay. You can extend or reduce the tenure, interest rate, and loan amount to check the possibilities before taking the loan.

Furthermore, GoPocket provides you with a comprehensive breakdown of your monthly EMI and repayment schedule for the loan tenure. This detailed information includes the principal amount, interest charged, monthly EMI, and balance principle, empowering you with a clear understanding of how you can plan your finances in upcoming years. To access this information, simply tap on the + button under the EMI calculation chart “Your Amortization Details (Yearly/Monthly)”.

FAQs for EMI