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2. Then select any one of the repayment option.

3. Then enter the value for loan tenure of integer type.

4. Then enter the value for interest rate of float type.

5. Then click on the Calculate EMI button at the bottom.

These factors which can affect the monthly EMI amount include the following:

Loans can be offered at fixed, floating or hybrid interest rates. In the case of fixed interest rate, the rate stays the same throughout the duration of the loan and the loan repayment made is fixed for the entire tenure. However, in floating interest rate loans, the interest rates can change many times during the tenure of the loan. This change can impact the loan EMI either positively, negatively or not at all. In hybrid interest rate loans, a mixed interest rate of fixed and floating rate is applied. In the starting, fixed interest rate is applied and later in the loan tenure the interest rate becomes floating.

The rate of interest on different loans changes as and when the Reserve Bank of India regulates its standard rates. This change does not affect fixed interest rate loans. On the other hand, in the case of the floating rate of interest the EMI payments can increase or decrease.

Prepayment of the loan amount can be done for most of the loans and usually all banks allow you to prepay the loan ahead of schedule by making lump sum payments, however, there may be a penalty associated with the prepayment. If you make any payments which are greater than your monthly EMI, the principal amount will be decreased, which will in turn reduce the EMI payment you need to make each month to pay off the loan amount payable.

Prepayment can be done after a certain time as stipulated under the terms and conditions provided by the lender. But, prepayment can only be done on payment of prepayment charges which are levied on the outstanding amount. This charge is usually 1-3% of the outstanding amount and some lenders even waive this prepayment fee subject to certain terms and conditions.

If you can work out with your loan provider for a new loan term or switch over to a new loan tenure with a new loan provider (such as home loan balance transfer), then your EMI may increase or decrease accordingly. Changes in loan tenure can impact your EMIs in a big way, so take a thoughtful decision after considering all the factors and after using EMI calculators to check with probable EMIs. The longer the loan tenure, the lesser the value of the individual EMI payable as compared to shorter tenures. In case of shorter tenures, the loan is repaid faster and total interest paid out to repay the loan amount is lower than longer tenure loans.

Some loan providers offer flexible loan repayment options that feature varying EMIs. In step-up loans, you pay lower EMIs initially and the EMI payable increases as you progress along the loan tenure. In step-down loans, you have to pay higher EMIs at the start which get reduced at a later stage. Step-up loans are a better option for borrowers who are borrowing towards the beginning of their career, whereas step-down loan option is useful for borrowers who are close to their retirement years.

EMI payment is an integral part of a loan and you take pains to plan ahead when determining the EMI amount that you are comfortable to pay back. As you will need to aside a particular amount each month from your income, make sure you choose an EMI which does not put your monthly budget under undue stress. So make sure you assess your repayment capacity using a loan EMI calculator before you make the final decision on your home loan.

The benefits of this calculator are just not restricted to the above-mentioned point. There are additional benefits to it, these are:

**Anytime Access**
The calculator can be accessed anytime and anywhere. You can use the calculator any number of times as per your convenience. You need not visit the bank branch or get involved with figuring out complex mathematical calculations; instead, you can just access the internet and use the EMI calculator.
**Accurate Results**
Doing calculations by hand comes with the risk of making mistakes. Further, doing the same calculations, again and again, can lead to more mistakes and further erroneous results. When you individually calculate EMIs on loans offered by different banks the chance of errors increases further. The online EMI calculator helps you in making error-free calculations at the click of a button.
**Saves you from time-consuming and complex calculations**
Comparing the loans offered by different banks can become very boring and time-consuming as you are using the same formula again and again. With pen and paper, you will need to spend long hours to calculate EMIs for a loan. However, with this online tool, you have the benefit to save your precious time and complete all the lengthy and boring calculations in seconds. So, you can try out as many combinations for amount, tenure and interest rates which you want to from the convenience of your home.
**Aids the Financial Planning Process**
When you calculate EMI for a loan, you know the amount which you will have to pay when you borrow a loan of the specific amount, tenure and interest rate. This helps you plan your finances prior to taking the loan so that your monthly budget does not take a hit. You can also vary the loan parameters to reach the most suitable EMI as per your requirements.
**You can use an online EMI calculator for every loan**
Calculating loan EMIs was never this easy! You can use a different calculator for every type of loan be it one for home, car or education. Although the parameters for every loan are basically the same, there can be instances where you will feel the need to use loan specific EMI calculators. This means that every loan EMI calculator is suitable for a particular loan and should be used for only the specific one.

As the leading dealer in Bangalore, we are confident that we will save you time and money.
Gupta Automobiles is an ultimate Automotive Dealer.