What is EMI?
Equated Monthly Installment – EMI for short – is the amount payable every month to the bank
or any other financial institution until the loan amount is fully paid off.
It consists of the interest on loan as well as part of the principal amount to be repaid.
The sum of principal amount and interest is divided by the tenure, i.e., number of months,
in which the loan has to be repaid. This amount has to be paid monthly.
The interest component of the EMI would be larger during the initial months
and gradually reduce with each payment. The exact percentage allocated towards
payment of the principal depends on the interest rate. Even though your monthly EMI
payment won’t change, the proportion of principal and interest components will change with time.
With each successive payment, you’ll pay more towards the principal and less in interest.
The EMI of a loan depends on three factors:
Loan amount - This stands for the total amount that has been borrowed the individual.
Interest rate - This stands for the rate at which the interest is charged on the amount borrowed.
Tenure of loan - This stands for the agreed loan repayment time-frame between the borrower and the lender.
This is application easy to handle , simple to use and useful for all loan/mortgage calculations.
You can calculate Loan entering following information:
- Principal Loan Amount
- Loan Tenure (months or years)
- Rate of Interest (percentage)
- Processing Fees & Charges
- Down Payment
* Calculate EMI with Montly or Yearly mode.
* Share EMI details with clients using EMAIL.
* Available for FREE to use .
Please contact ( [email protected]) if you find any bugs or want to translate the app to your language.
For Advertisement / Query / Suggestions contact us at [email protected]