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EMI calculated (per month)
This is a general self-help Planning Tools. Calculated EMI Result is indicative only.
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Equated Monthly Instalment or more commonly abbreviated as EMI, is the fixed amount of money you pay each month to repay your loan. The principal and the interest are the two components of the EMI that determine the exact EMI amount to be paid.
Depending on your loan amount, you will have to pay a certain amount of EMI each month for a fixed tenure. Since the actual EMI amount will be determined by the interest rate, always keep the interest rate in mind before availing of a loan. Also, when choosing the loan amount, not only should the loan be adequate for your needs but should also be reasonable enough so that you do not have to struggle while repaying the EMIs.
An EMI calculator is an online and easy-to-use tool that you can use to calculate the EMI that you need to pay towards your loan. The EMI needs to be paid until the end of the loan tenure, as predetermined by your lender. With the help of the EMI calculator, you can know the exact amount to be paid each month. This is because once you know the loan amount, the interest rate, and the loan tenure, you can know the total loan amount, which also includes the total interest payable.
Your EMI amount is calculated based on this amount, and hence, you need not worry about adding the loan’s interest rate separately to your EMI when using an EMI calculator. However, if you feel that the interest rate is quite high but still need to take out a loan, an EMI calculator effectively helps you plan your EMI instalments.
When you use an online EMI calculator, you will need to feed in some important and basic details on the calculator that will help determine the exact EMI amount you will have to pay. Not only will you be able to see the EMI amount, but also the interest rate will be taken into consideration to give you accurate results. The following details will have to be filled in on the calculator.
Rate of Interest
The EMI calculator online processes these details and the EMI calculation to show the results, which is the EMI amount payable. There are different types of EMI calculators for home loans, car loans, and also personal loans. All these online EMI calculators are free-of-cost and can be accessed at your convenience from your mobile or desktop. Here is an example of how to use an EMI calculator:
To understand how the calculation of the EMI takes place, let’s take a look at the example below:
Suppose you take a car loan of ₹8 Lakh, and the lender charges an interest rate of 7%. With the help of the calculator, you can know that your EMI will be ₹10,907 spanning over a repayment tenure of 8 years, where the total interest payable would be ₹2,47,072.
Different people may need to take different types of loans to meet their financial goals during their lifetime. While taking a loan can help you meet the financial obligation at hand, the repayment of the loan can become cumbersome, especially if you do not plan the EMIs. Though the basic structure of an EMI calculator is the same, there are different types of EMI calculators available for the different types of loans taken. For example, the repayment tenure in some types of loans may be longer or more flexible than the other types.
And so, there are the three types of EMI calculators that you can use:
People usually take personal loans for medical emergencies, home renovations and other personal expenses. You can know your personal loan EMI with the help of this EMI calculator. Suppose you borrow ₹3 Lakh for personal expenses at an interest rate of 6% and plan to repay it over 5 years; you will be paying an EMI of ₹5,800 with a total interest of ₹48,000.
If you take a loan to purchase a car, you can determine your car loan EMI with the help of this EMI calculator and make the repayment within a specified tenure. If you take a car loan of ₹10 Lakh with an interest rate of 5% and a loan tenure of 8 years, your EMI will be ₹12,660, where ₹2,15,360 is the total interest payable, and the total payment will be ₹12,15,352.
An education loan helps you finance your children’s education as per your desired standards, and you can take this loan even if your children want to study abroad. Enter the loan amount, the tenure, and the rate of interest to calculate the EMI amount. Education loan EMIs are repaid along with the interest after a moratorium period during which no EMIs are paid.
The home loan EMI calculator is used to calculate a home loan EMI. Since home loans are quite high, the repayment tenure is also quite high. For example, if you take a home loan of ₹30 Lakh for a tenure of 25 years at an interest rate of 10%, you will know that your EMI amount will be ₹27,261, with the total interest payable being ₹51,78,300.
When you take a loan, it is important that you know the EMI amount that you are going to have to repay each month. An EMI calculator is a quick and easy way for you to determine the EMI so that you can choose a loan amount as per your needs and your financial capacity.
By using an EMI calculator online before availing of the loan, you can determine whether the loan amount you intend to take will enable you to make the repayments easily. Quite often, not considering the loan amount can lead to heavy EMI repayments which put a financial strain on your other expenses.
Here are some ways in which an online EMI calculator can help you:
An online EMI calculator helps you save a lot of time and the hassle of having to visit your lender to know your EMI amount. In a few clicks and a matter of seconds, you can know the EMI amount to be paid with an EMI calculator.
You can plan your other financial commitments once you know how much EMI you will have to pay each month. Only be sure to keep the debt-to-income ratio below 50% so that there’s a better chance of your loan being approved.
You need not worry about miscalculating your EMI amount if you use an online EMI calculator. The software and algorithm of the calculator ensure that you get accurate results each time you use the calculator.
Depending on the type of calculator, you will get the results accordingly. For example, a car loan online EMI calculator will have slightly different specifics as compared to a home loan EMI calculator. You can use the one that serves your purpose.
An online EMI calculator uses the formula as given below,
EMI = [P x R x (1+R) ^N]/[(1+R) ^N-1]
Where, P = principal amount
R = rate of interest
N = loan tenure
This EMI calculation formula is standardised. Some variables can be added depending on the loan type.
This calculator shows quick results according to the information you provide. You can alter each of the variables to get an EMI amount that is affordable.
When you take a loan of any type - be it a home loan, a car loan or a personal loan, one of the major problems could be planning the EMI repayments. A lot of times, not being well-prepared for your EMI repayment can lead to embarrassing situations which can take the joy out of fulfilling your financial commitments. Hence, an EMI calculator online can help you in a number of ways so that not only can you understand how much loan you should opt for but also prepare you for the EMI payments so that your other expenses can also be managed.
A lot of people rely on loans of different types of loans to fulfil their financial commitments. However, it is equally important that you understand how to repay the loan without any financial hindrances. Here are some of the benefits that your EMI calculator can help you with:
An online EMI calculator can be found online and can be accessed from your laptop, smartphone or tablet. You can simply visit our official Tata AIA Life Insurance website to use our EMI calculator. This will help you know your EMI requirements anytime and anywhere.
Instead of manually calculating the EMI amount each month, an EMI calculator can help you with how much loan you plan to take with no chance of error. After feeding in the interest rate and the tenure, a simple click can give you the exact EMI amount to be repaid each month.
The algorithm in the EMI calculator gives you the results in a matter of seconds. This helps you save the time you would lose in visiting your lender and having them manually calculate the EMI amount. You can also alter the different variables on the calculator to find a suitable EMI amount.
The EMI calculator is available online and is free of cost. This means all you need to do is visit our official website to access our EMI calculator and know the amount to be repaid. There are no fees involved in the use of the calculator, and anyone can access it as many times as they need to.
When you take a loan, knowing the repayment amount is important so that you are able to repay the amount in equated monthly instalments over a period of time. Always bear in mind that the repayment amount should be such that you are able to make regular monthly payments on the date fixed by your lender. Defaulting on EMI payments can lead to hefty penalties which become a financial burden. This makes it important for you to know what affects the EMI amount:
Interest Rate: The interest rate determines how high or low your EMI amount will be. Your lender will apprise you of the current interest rate that will apply to your EMI amount. When using an EMI calculator, you can fill in the interest rate to know how much your EMI amount will be impacted.
Principal: This is the amount your lender will acquire from you. The EMI amount you pay monthly will be calculated as a percentage of the principal amount. The principal amount is essential for understanding how much EMI you will be able to repay each month, so choose your loan amount accordingly.
Tenure: The time period during which you have borrowed the loan amount is known as the tenure. This impacts your EMI amount as you can choose a longer tenure to make your EMIs more affordable. However, towards the end of the tenure, you will have to repay more money for the interest. Hence, first, understand your financial capacity and then choose your loan tenure.
Tata AIA Life Insurance also offers the following calculators which you can use on our official website:
Our experts are happy to help you!
How to use an EMI calculator online?
To use an EMI calculator online, you will have to fill in the loan amount, the rate of interest, and the loan tenure to know the total interest payable, the EMI amount, and the total amount, which includes the loan amount and the total interest payable. With these details, especially the EMI amount, you can easily plan how to repay your loan.
What is no cost EMI?
No cost Equated Monthly Instalment (EMI) means there will not be an additional interest on the loan taken that needs to be repaid. This means you only have to pay the loan amount without any interest in the form of your EMI.
What is an EMI schedule?
An EMI schedule is meant to keep you updated on the EMI instalments. With the help of this schedule, you can know how many EMIs have already been paid and how many of them are pending. It also lets you know if there is a need for refinancing.
For what types of loans can I use the EMI calculator?
You can use an online EMI calculator to calculate EMIs for different types of loans, such as business loans, personal loans, car loans, education loans, and home loans. However, you will need to know the applicable rate of interest on the loan and the tenure of the loan.
What happens if I cannot pay my EMIs?
If you miss your EMI because you are unable to repay it for any reason, your credit score will be negatively affected, and your lender or financial institution will have to charge late fees or levy penalties for the same. But if you use an EMI calculator, you can bring down the chances of skipping your EMIs by knowing the exact EMI to be repaid.
Can the EMI change during the loan tenure?
Yes, the EMI amount can change during the repayment tenure. If you have already made a lump sum partial repayment towards your loan, this can help lessen the EMI amount or the repayment tenure.
How are EMIs calculated on loans with a floating interest rate?
A floating interest rate is unlike a fixed interest rate and will vary as per the prevailing market rates. It is usually the same as the base rate given by the Reserve Bank of India (RBI). When your lender does not apply the change in the interest rates on your EMI, the change can be seen in your loan tenure, which will decrease or increase accordingly.
When do I have to pay EMIs?
EMIs or Equated Monthly Instalments are payable when you avail of a loan and have to repay it. Understanding that you may have taken a loan for your financial needs, it may not be possible to repay the loan amount in one go. And therefore, the provision on EMIs helps you repay small and equal portions of the loan amount to your lender each month.
What details do I need to provide when using an EMI calculator?
Apart from the loan amount, the loan tenure and the rate of interest, you need not provide any other details on the online BMI calculator.
What is the principal in a loan and what does it have to do with an EMI calculator?
The principal amount is the amount that the lender gives to the borrower. This is the amount you can use to meet your financial obligations and will determine your EMI amount along with the interest rate. The interest rate is applied to the principal, and then you get the total amount payable, which adds the interest to the principal. With an EMI calculator, you need not carry out these calculations manually.