EMI Calculator

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Total Interest:
Monthly EMI:
Principal Amount:
Total Amount:

Your Amortization Details (Yearly/Monthly)

What is EMI calculator?

An EMI (Equated Monthly Instalment) calculator is a financial tool used to calculate the monthly instalment amount that a borrower needs to pay towards a loan. It is commonly used for loans such as home loans, car loans, personal loans, and other instalment loans.

How to use GoPocket online EMI calculator?

The GoPocket online calculator is user-friendly, requiring just a few seconds of your time to use. Follow these simple steps.

  • Enter your variables, including principal amount, loan tenure, and interest rate.
  • You can see the EMI result immediately 

The formula to determine loan EMI amount

There is a specific formula used to compute the EMI amount for a loan.
EMI = [p x r (1+r) ^k]/ [(1+r) ^ (k-1)], where –

  • p is the principal amount
  • r is the rate of interest
  • k is the loan tenure

Benefits of using EMI calculator

  • GoPocket EMI calculator is simple, convenient and accurate
  • Fast calculation
  • Error free calculation
  • No need to give personal details

Factors impact the EMI amount:

  • Higher interest rates and loan amount can increase your EMI amount Factors affecting loan eligibility
  • Making a partial prepayment on a loan reduces the principal amount, consequently lowering the interest to be paid and reducing the subsequent EMI amount.
  • Opting for longer repayment tenures decreases the EMI amount but results in a higher total interest payable over the loan period.
  • A flexible EMI scheme enables you to customize the EMI amount according to your convenience.

FAQs for EMI

1. Is GoPocket a safe trading platform?
2. Is the EMI calculator applicable only for home loans?
3. Can I make prepayments or foreclose the loan?
4. Can I change the loan tenure in the middle of the loan term?
5. What happens if I fail to pay my EMIs?