EMI Calculator
What does EMI means?
Loan EMI Calculator: Use Viugle all in one loan EMI calculator for a personal loan, home loan & car loan to calculate your equated monthly installment (EMI) to be paid to banks or financial institutions. You can plan your loan EMI using the all-in-one loan EMI calculator. You can use the All in one loan EMI calculator to find out your home loan, car loan, and personal loan monthly EMI.
The formula of Loan EMI
EMI Formula: p x [ r x (1+r)^n / (1+r)^n-1]
Where,
p = Loan amount
r = Interest Rate
n = Loan duration
Personal Loan EMI
When you plan something like traveling to a foreign country, painting, etc. then you need to take a personal loan to execute such a plan. Bank charges a higher interest rate on a personal loan comparison to other loans like home loans, car loans, education loans, etc. Because this type of loan is an unsecured loan. You can use an all-in-one loan EMI Calculator to calculate the EMI of your loan.
Let’s take an example:
| Loan amount | Interest rate | Loan Duration | Processing fee | Loan EMI |
|---|---|---|---|---|
| Rs.5 lakh | 11% | 5 years | 2% | Rs.10,871 |
| Total interest payable | Rs.1,52,273 |
| Processing fee | Rs.10,000 |
| Loan amount | Rs.5 lakh |
| Total amount payable | Rs.6,62,273 |
Home Loan EMI
When you plan to purchase a house, land, or flat, you need a home loan that you can take from banks (SBI, Axis, HDFC Banks, etc.) or financial institutions. The borrower mortgage the property to the lender as security, and the interest rate is either fixed or floating. Viugle provides you an EMI calculator for a home loan to calculate home loan equated monthly installment (EMI).
Let’s take an example:
| Loan amount | Interest rate | Loan Duration | Processing fee | Loan EMI |
|---|---|---|---|---|
| Rs.50 lakh | 9% | 10 years | 0.5% | Rs.63,338 |
| Total interest payable | Rs.26,00,546 |
| Processing fee | Rs.25,000 |
| Loan amount | Rs.50 lakh |
| Total amount payable | Rs.76,25,546 |
Car Loan EMI
A car loan is taken by you when you plan to buy a car. A car loan is a secured loan as the car is used as collateral. Viugle provides you with an EMI calculator to calculate car loan EMI.
Let’s take an example:
| Loan amount | Interest rate | Loan Duration | Processing fee | Loan EMI |
|---|---|---|---|---|
| Rs.6 lakh | 9.5% | 5 years | 2.5% | Rs.12,601 |
| Total interest payable | Rs.1,56,067 |
| Processing fee | Rs.15,000 |
| Loan amount | Rs.6 lakh |
| Total amount payable | Rs.7,71,067 |
How to use Viugle personal/home/car loan EMI calculator?
The Viugle provides you the all-in-one EMI calculator to calculate your EMI of personal loan, home loan, and car loan. You can also use it for a two-wheelers loan. It is simple to use, and you have to give some basic details like:-
- The principal amount of loan
- Rate of interest
- Duration of the loan in months.
EMI Calculator - Frequently Asked Questions (FAQs)
Q-1 Can I use this EMI calculator for business loans and education loans?
Ans:- All-in-one EMI calculator of viugle can be used for all kinds of loans like personal loans, home loans, business loans, education loans, etc.
Q-2 What does EMI include?
Ans:- An EMI includes the principal amount and interest payable. it should be paid within loan tenure.
Q-3 Do banks or financial institutions charge penalties on the failure of payment of EMI?
Ans:- Banks or financial institutions charge heavy penalties on the failure of payment of EMI. So you should pay your EMI within the due date to avoid heavy penalties.
Q-4 Should I pre-close a loan account before the end of tenure?
Ans:- When you close a loan account before the end of tenure. It makes a negative impact on your credit score. Therefore, you should pay some part of your loan amount, not the full amount of the loan.
Q-5 What is the maximum amount of loan that banks or financial institutions can give?
Ans:- Banks or financial institutions give home loans up to 75 to 90% of the property costs. You have to pay only 10 to 25% of the property cost.