₹

%

Months

Monthly EMI | ₹86 |

Principal Amount | ₹1,000 |

Total Interest | ₹32 |

Total Amount | ₹1,032.00 |

An Equated Monthly Instalment (EMI), is a fixed amount of money that borrowers pay every month to their lenders as part of a repayment plan for their loan. Whether you take a personal loan, home loan, car loan or educational loan, the EMI will be an important component. The EMI comprises two main components which are the principal amount and the interest charged by the lender. Loan repayments are a huge financial responsibility, so, it is critical for you to calculate your EMI rate before availing of a loan. The calculation can be done in two ways, by using an online EMI calculator or by using the EMI calculation formula

The EMI of a loan is determined by the loan amount, interest rate and tenure. You can calculate the equated monthly instalment by using the formula:

E= P x R x (1+R)^N / [((1+R)^N) -1]

Where,

- E = monthly instalment.
- P = principal amount.
- R = rate of interest.
- N = tenure

If the principal amount = ₹10,00,000

Rate of interest (per month) = 10.5/ 12 / 100

= 0.00875

Tenure (in months) = 10 years (120 months)

Then, EMI = ₹10,00,000 x 0.00875 x (1+ 0.00875)^120 / [((1+0.00875)^120) - 1]

= ₹13,493

Therefore, the EMI you need to repay every month will be ₹13,493.

Using an EMI calculator has been made easy and convenient with the availability of online loan EMI calculators. Estimating your monthly loan payments is important as it will help you understand the financial commitment you need to make. You can efficiently use a calculator by following the step-by-step process below:

Step 1: Open EMI Calculator: You can visit your bank’s website or search and check **EMI calculator** online by Buddy Loan. Many banks and lending institutions provide free EMI calculators that are reliable and user-friendly.

Step 2: Enter the necessary information: You can input the **total loan amount** you want to borrow, the **annual interest rate** and the **loan tenure in months or years** in the respective fields given in the calculator.

Step 3: Calculate: You can then click on the “calculate” button. The EMI calculator will compute the equated monthly instalment based on the inputs you have provided, so make sure you enter the right information.

The calculator will display the EMI amount you need to pay each month. It will also provide a breakdown of the EMI components including the principal and interest proportions.

A fixed rate and variable rate EMI calculation are two very different methods to calculate the equated monthly instalment for a loan. Let’s explore each type and how to calculate them:

In a Fixed rate EMI, the interest rate will remain the same throughout the entire loan tenure. Your EMI amount will be the same from the beginning till the end of your loan repayment period. You can calculate the EMI using the **online loan EMI calculator** or the following formula:

Calculation:

To calculate the EMI for a fixed rate, you can use the given formula:

EMI = [P x R x (1+R)^N]/[(1+R)^N - 1

Where,

- EMI = Equated Monthly Instalment
- P = Principal Loan Amount
- R = Rate of Interest
- N = Loan Tenure

A variable rate EMI is also known as floating rate EMI. The interest rate in a variable rate EMI will constantly fluctuate in accordance to market rates. This means that your EMI amount will change if the interest rate changes.

Calculating the EMI for a variable rate EMI can be a little challenging, the standard formula used for fixed rate is not typically used for calculating variable rate. This is because of the possible change in interest rate and EMI. To calculate the variable rate EMI you will need to know specific terms of your loan, including the interest rate changes. You can use the formula above or a **loan emi calculator** if you have the right terms and rates of your loan.

There are different types of EMI calculators that you can use to calculate the EMI of any loan that you take. These are:

A personal loan EMI calculator helps you to calculate the monthly repayments for unsecured loans. Because of this a personal loan will have a shorter loan tenure and higher interest rates. A personal loan EMI calculator will help you assess the equated monthly instalment needed for repayment. You can input the loan amount, interest rate and tenure to get your EMI amount.

A **wedding loan EMI calculator** is a financial tool that helps you estimate your monthly payments for a personal loan taken for marriage expenses. The calculator will consider the loan amount, interest rate and repayment tenure to provide you with an idea of EMI you will be paying for the loan amount you are taking.

The tool aids in better financial planning for your special occasion.

A holiday loan EMI calculator is a useful tool for understanding the monthly repayment you need to make when taking a personal loan for travel. To get the estimated amount, you just need to input the loan amount you require, the interest rate and tenure of the loan. Through this online calculator you will be able to determine the affordable EMIs and your budget. Helping you plan for a memorable holiday without compromising on financial stability.

We specially designed home loan EMI calculators to factor in the significant loan amount along with a long repayment term. In case of a home loan, the principal is usually a significant amount; it requires a proper repayment plan. Using this calculator, you will understand how much EMI you will pay in a month helping you plan for your finances. In a home loan EMI calculator, you can simply insert the data and get the results right away.

You can use a car loan EMI calculator before purchasing a vehicle. Car loans are secured loans where the car is the collateral. Therefore it is important to consider your loan affordability by calculating the EMI with the help of a car loan EMI calculator.

Every individual wanting a 2 wheeler through a two-wheeler loan needs an EMI Calculator to predict their monthly payment to the lenders. Using the calculator is simple and easy where you only need to input the loan amount, interest rate and tenure to get an estimate on your EMI. This tool assists in planning for a two-wheeler loan while managing financial commitments effectively.

EMI calculators are tailor made to find out your complete course of study fee payout. With an education loan’s interest rate, tenure and total loan amount needed, you can game up your loan approval and plan your finances. It evaluates the education loan EMI.

An EMI calculator for a business loan is a valuable digital resource that allows entrepreneurs to assess their estimated monthly instalments for a business loan.

The tools help in strategic financial planning, which facilitates business growth while maintaining smart management of money.

A mortgage loan is a secured loan that is availed against property. Any property, whether residential, commercial, or land, may be mortgaged with the lender in exchange for a loan. To determine the EMI, you can calculate by using the loan against property EMI calculator or mortgage loan EMI calculator.

**Looking for other loan calculators? Check it here:**

The Buddy Loan EMI calculator is easy and convenient to use. Just follow these few steps and you will get your equated monthly instalment amount:

- Visit the BuddyLoan website or download the app and click on the “EMI Calculator” button.
- Enter your
**loan amount, interest rate**and**loan tenure**. - Then click on the “Calculate” button. The calculator will display the estimated EMI for your loan

The Buddy Loan calculator helps you to calculate your EMI accurately and has a few extra features that you can benefit from. Besides the EMI amount calculation, the calculator will display a pie chart, table and a graph.

- The pie chart shows the breakdown of your total loan payment including the principal amount and interest rate in percentage. It will also display the total loan payable including Loan EMI and total payment (principal + interest).
- The table displays a year by year breakdown of your loan. It will show your principal amount, interest, total payable amount (principal + interest), balance and an up-to-date percentage amount of the loan that has been paid.
- The graph is a dual Y axis graph that shows the loan balance on one side and the EMI payable on the other side with the X axis portraying the tenure. The bars in the graph will depict how the EMI of your loan will contain more of the interest amount in the beginning of the loan tenure. However, with the passage of time it will contain more of your principal amount. With the balance slowly decreasing overtime.

When considering taking up a loan, it is important to check an **EMI calculator online** to understand the financial responsibilities that you need to commit to. An EMI calculator has many advantages, some of which are as follows:

**Accurate financial planning:**EMI calculators provide precise estimates of your monthly loan payments, helping you plan your finances. The accuracy helps you determine whether you can afford the monthly EMI repayment and ensures that you can comfortably choose a loan term that fits your financial situation.**Quick comparison:**Through an online loan EMI calculator you can compare between different loan amounts, tenures and interest rates to see how they affect your EMI. This helps you determine which loan term suits you best and helps you make well-informed decisions.**Save time:**Calculating your EMI manually can be time consuming and error prone. However, EMI calculators automate the process, saving you time and effort.**Visualisation:**EMI calculators provide a detailed breakdown of your repayment schedule, showing the principal and interest portion of each EMI. This detailed data helps you understand how your payments will look like overtime, helping you plan your finances accordingly.

Yes, EMI calculators provide an accurate estimate of your monthly repayment amount.

Yes, there are different calculators for different types of loans.

Yes, using the EMI online calculators from reputable banks or NBFCs websites is safe.

No, you will only need to provide the loan amount, interest rate and loan tenure.

The loan amount, interest rate, repayment tenure are factors affecting personal loan EMI.

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