EMI Calculator
Make Easier Financial Decisions With India Shelter EMI Calculators
These calculators are provided only as general self-help Planning Tools. Results depend on many factors, including the assumptions you provide. We do not guarantee their accuracy, or applicability to your circumstances.
A home loan EMI calculator is an invaluable tool that simplifies the process of determining your Equated Monthly Installments (EMI). It calculates the fixed amount you need to pay each month to your lender or financial institution until your home loan is fully repaid. India Shelter offers an online EMI calculator for home loans, and here's how it can benefit you:
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Ease of Use: Calculating EMIs can be complex, especially for first-time borrowers. The EMI calculator eliminates this complexity by providing a user-friendly interface.
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Accuracy: It ensures precise results, helping you plan your finances with confidence. You'll know exactly how much you need to set aside each month for your home loan.
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Time-Saving: With India Shelter online calculator, you can get instant results, saving you time and effort compared to manual calculations.
How is EMI on loan calculated?
MI (Equated Monthly Installment) on a loan is calculated using a standard mathematical formula. The EMI consists of both the principal amount and the interest on the loan. Here's the basic formula to calculate EMI:
EMI = [P x r x (1 + r)^n] / [(1 + r)^n - 1]
Where:
EMI = Equated Monthly Installment
P = Principal loan amount (the initial amount you borrow)
r = Monthly interest rate (annual interest rate divided by 12 and expressed as a decimal)
n = Loan tenure in months (the number of monthly installments)
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Anyone can apply for our home loan as they meet the criteria. Must earn minimum ₹1 lakh per annum
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Frequently Asked Questions (FAQ’s)
India Shelter has been at the forefront of helping first-generation semi-urban families get access to housing credit
How is home loan eligibility determined?
How can I use the India Shelter EMI calculator to calculate my home loan EMI?
Do I need to provide personal information to use the EMI calculator?
Is the EMI calculated by the tool the final EMI amount I'll pay on my home loan?
Can I use the EMI calculator for different types of loans, such as personal loans or vehicle loans?
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