EMI Comparison Calculator
Be it buying a car, buying a home or affording kids overseas education, loans play a vital role in our life.
However, when we talk about loans, the most important word associated with it is EMI. EMI, which stands for equated monthly installment, is the monthly amount payments we make towards a loan we opted for.
With this calculator you can calculate the expected EMI for any loan and compare the conditions offered by two different banks/firms in a very simple way and save a TON of money in the process!!
Loan Term ( in Months )
Down Payments ( If applicable )
Annual Interest Rate offered by Company 'A' (in %)
Annual Interest Rate offered Company 'B' (in %) (₹) You can get easy loans at FundsTiger for only around 12-18% per annum !!
|Factors Impacting your Choice||Company 'A'||Company 'B'|
|Total Interest Paid||0||0|
|Total Amount Paid||0||0|
If you choose Company 'B' over 'A', you can save:
|In EMI's ( Per Month )||0|
|In Total Interest Paid||0|
What is an EMI:EMI (Equated Monthly Installment) is one part of the equally divided monthly amount a borrower pays to the bank or organization they have taken the loan from for a fixed tenure.
How to use this CalculatorWith this calculator, not only can you calculate your monthly EMI's, but you can also compare the differences between offers of two different bank/Financial institutions.
To use the calculator, you can follow these simple steps:
- Input the amount for which you're planning to take the loan for
- Input the number of months for which you're planning to take the loan for.
- You may opt for a certain Down-payment( like when you buy your dream house ). Put in whatever amount you're planning to pay upfront. This is optional so you may choose to put '0' as well.
- Put in the interest rate the first company is offering you.
- Put in the interest rate the second company is offering you.
- Click the button to get the results in a simple yet informative tabular form.
What affects your EMI:The amount of EMI depends on various factors:
- Principal amount: The total amount that is borrowed from the financial institute.
- Interest rate: The rate at which the financial institute is offering the borrower the principal amount. Higher the interest rate higher is the EMI that needs to be paid back.
- Loan term: The total duration in which the principal amount and the interest component needs to be paid back to the financial institute.
- Repo rate: The rate at which the financial institute borrows money from the central bank. If central bank charges a higher interest rate bank increase their interest rates as well ultimately increasing the total amount of EMI.