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What is an EMI Calculator?

A loan EMI calculator is a free online tool that helps you ascertain the amount you need to repay as EMIs.

The calculator also provides an amortisation schedule that you can use for planning your budget and avoiding a default.

How to Use an EMI Calculator

You need to follow these simple steps to determine interest payable and your monthly obligations using the EMI calculator online:

  • Visit the EMI calculator page

  • Use the sliders to choose your loan amount, repayment tenure, and the rate of interest

  • The online EMI calculator will compute your interest and monthly instalments within a few seconds

Advantages of Using an EMI Calculator Online

Here are some of the advantages of using an EMI calculator online:

  • You can use this tool for free

  • It allows you to determine if the amount falls within your repayment capacity

  • It lets you choose the right loan amount and repayment tenure as per your repayment ability

  • You can plan your finances efficiently

  • It eliminates the hassles of complex manual calculations

  • It provide accurate values and removes the possibility of miscalculation

Types of Loan EMI Calculators

As terms of different types of loans differ, you can use a specific EMI loan calculator online. Here are different types of calculators to compute your monthly obligations: 

1. Personal Loan EMI Calculator

You can avail of a personal loan for various purposes, including your child’s education, a wedding, and more. Using the Personal Loan EMI calculator, you can get an estimate of the EMI amount.

2. Home Loan EMI Calculator

When you take a home loan, you need to strategically plan for repayment. These loans generally have a higher principal. With the Home Loan EMI Calculator, you can manage your finances efficiently.

3. Car Loan EMI Calculator

If you lack funds to buy your favourite car, you can avail of a vehicle loan to finance your purchase. You can use a car loan EMI calculator to get an estimated EMI amount by inserting the loan amount, tenure, and interest rate.

4. Education Loan EMI Calculator

You can apply for an education loan to cover the cost of your child’s higher education within the country or overseas. You can use the Education Loan EMI calculator online to check the amount you need to pay as monthly obligations.

5. Loan Against Property EMI Calculator 

Loan Against Property (LAP) is a secured loan that you can get by pledging a commercial or residential property as collateral. You can use a LAP EMI calculator to ascertain the amount of EMI and interest payable.

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Factors Affecting Your EMI Amount

There are certain factors that impact the amount you need to pay to clear the debt. It is crucial to know about them to significantly cut down borrowing costs and save more. The factors that impact the due amount you need to repay include the following:

  • Principal Amount: A higher principal amount translates to higher EMIs

  • Rate of Interest: A higher interest rate directly impacts the amount you have to pay as EMI

  • Credit Score: Lenders prefer to provide loans at lower rates to borrowers with higher credit scores, impacting the due amount

  • Repayment Tenure: While the longer duration of loan repayments lowers the amount of EMIs, it adds up interest costs

  • Prepayment Charges: When you repay your loan before the stipulated timeline, you will have to pay additional charges that vary across lenders

With a monthly EMI calculator, you can get an estimated cost of borrowing and the amount you need to pay as EMIs.


How can I use the EMI calculator to find the loan for my needs?

You can use the EMI calculator online on Bajaj Markets Website to find the EMI amount. Enter the required details to find the amount you need to pay as well as the interest payable. To calculate EMIs through the calculator, enter the repayment tenure, loan amount and interest rate.

Are EMI calculators more accurate than Excel calculators?

While both EMI calculators and Excel calculators provide accurate results, the former is easier to use than the latter as it is available online and does not involve complex calculations. EMI calculators are thus typically user-friendly and provide a quick way to estimate monthly payments.

Will the EMI calculated by the lender be different from the EMI calculator?

Yes, if the bank modifies the terms of the loan, the EMI computed using the EMI calculator can be different from the lender’s calculations.

Are EMI calculators the same for home, car and a personal loan?

While the basic EMI calculation formula remains the same across these loan types, some specific parameters and considerations may vary.

Can I calculate my EMI for all types of loans with the online EMI calculator?

Yes, you can calculate the EMIs for all types of loans using the online EMI calculator.

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