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.
In EMI calculator you will be able to analysis the total output of interest you will be paying. In this mechanism you will be able to know the total EMI paid and the interest payable. In EMI Calculator you can also come to know how much interest you will be paying throughout the tenure. To work effectively on EMI Calculator you must be aware of the Loan Amount and the rate of interest. In EMI calculator you will come to know the total interest paid at the end of the Loan tenure.
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All applications for credit are subject to Banks normal credit approval criteria. Terms and conditions are available on application of every bank in which loan will be applied.
This is an estimate and it is provided for illustrative purposes only and is based on the accuracy of information provided. It does not constitute a quote. To apply for a loan you must complete an application.
The repayment amount and total interest payable excludes Processing fees and Mortgage Insurance / Life Insurance.
If a Variable Rate Loan is selected, the interest rate will be subject to market change throughout the term of the Loan.
Results are based on amortised scheduled repayments and, once any discount or fixed rate period expires, the current variable rate or the variable rate is applied for the remainder of the loan term (unless another fixed rate period is taken).
Creative Finserve will not store the information provided in this calculator.
To use the EMI Calculator you need to enter your loan amount details , rate of interest, and tenure. You can also use this tool while applying for fresh loan. You need to know your loan amount and the tenure you are going for.
EMI Calculator can be relied if you put accurate data such as your current loan amount, rate of interest, and your tenure. Please note that this is an approximate guideline only.
In EMI calculator you will be able to analysis the total interest payable at the end of the loan tenure. You will be able to know the total emi's paid and the interest payable. You can also know the exact emi you will be paying as per the rate of interest.
To get an approximate result you need to input few important details such as your current loan amount, rate of interest and tenure of the loan. You can also determine your monthly installments you are likely to bear on your loan.