Loan Calculator
Empower your financial decisions with our premium, real-time loan estimation tools.
Loan Parameters
Monthly Installment (EMI)
Loan Amortization Schedule
| Month | EMI | Principal | Interest | Balance |
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EMI Calculator Overview
An EMI (Equated Monthly Installment) calculator helps you estimate the fixed monthly amount payable towards a loan over a selected tenure. The calculation is based on standard financial formulas used by banks and lending institutions. By adjusting the loan amount, interest rate, and tenure, you can understand how each factor impacts your monthly obligation and total repayment.
How EMI Is Calculated
EMI is calculated using a standard amortization formula that ensures equal monthly payments throughout the loan tenure. Each EMI consists of two components: principal repayment and interest on the outstanding loan balance. In the initial months, the interest component is higher, while the principal repayment gradually increases over time.
EMI Calculation Formula
EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1)
Where P is the loan amount, r is the monthly interest rate, and n is the total number of monthly installments.
Ranges of Variables Used
EMI calculations depend on a combination of loan amount, interest rate, and loan tenure. Loan amounts can range from smaller values for short-term loans to higher amounts for long-term secured loans. Interest rates vary based on lender policies, borrower credit profile, and prevailing market conditions. Loan tenure can range from as short as one year to as long as thirty years.
Increasing the loan amount or interest rate leads to a higher EMI, while extending the tenure lowers the EMI but increases the total interest payable over the loan period. The calculator allows you to evaluate different combinations to find a balance between affordability and overall cost.
Understanding Total Interest and Repayment
The total repayment amount includes both the principal borrowed and the total interest charged over the loan tenure. While a lower EMI may reduce short-term financial strain, it often results in higher cumulative interest due to a longer repayment period. Choosing a shorter tenure increases the EMI but helps minimize the total interest paid.
Using an EMI calculator before applying for a loan enables informed financial planning, better loan comparisons, and a repayment strategy aligned with your income and long-term financial goals.
Financial Profile
Maximum Loan Amount
Eligibility Calculator Overview
A loan eligibility calculator helps you estimate the maximum loan amount you may qualify for based on your financial profile. It provides an early assessment of borrowing capacity before applying for a loan, allowing you to plan realistically and avoid rejection due to overestimation.
Why Checking Loan Eligibility Is Important
Checking loan eligibility helps you understand how much loan you can afford without putting stress on your monthly finances. It allows you to shortlist suitable loan options, align your expectations with lender policies, and reduce the chances of loan application rejection. Since eligibility checks are indicative in nature, they do not impact your credit score.
Using an eligibility calculator also helps you compare different loan tenures and interest rates to identify a borrowing structure that fits comfortably within your income.
How Loan Eligibility Is Calculated
Loan eligibility is primarily calculated based on your monthly income and existing financial obligations. Lenders assess how much of your income can safely be allocated towards loan repayment after accounting for regular expenses and ongoing EMIs. This ensures that the borrower maintains sufficient disposable income even after servicing the loan.
The eligible EMI amount is then used to determine the maximum loan amount you can borrow, considering the selected interest rate and tenure. Longer tenures may increase eligibility by reducing the EMI, while higher interest rates may lower the eligible loan amount.
Affordability and Income-Based Checks
Lenders follow affordability checks to ensure responsible lending. A common approach is to limit the total EMI burden to a fixed percentage of the borrower’s monthly income. This ratio helps ensure that loan repayments remain manageable over the long term.
Existing EMIs such as personal loans, credit cards, or vehicle loans are deducted first before determining the available repayment capacity. Higher existing obligations reduce eligibility, while lower liabilities improve borrowing capacity.
Other Factors Affecting Eligibility
In addition to income and obligations, lenders may evaluate other profile-related factors while processing a loan application. These include age, employment stability, type of employment (salaried or self-employed), credit history, and repayment behavior. A strong credit profile and stable income source generally improve eligibility and approval chances.
The eligibility calculator provides an indicative estimate based on common lending practices. Final approval and loan terms may vary depending on the lender’s internal assessment and policies.
