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EMI Calculators
An EMI calculator helps borrowers estimate their Equated Monthly Instalments (EMIs) for various loans, such as home loans, personal loans, and car loans. By entering details like the loan amount, interest rate, and tenure, you can quickly determine your monthly repayment obligation. Read More
Using an EMI calculator ensures better financial planning, allowing you to assess affordability before committing to a loan. Whether you are planning to buy a home, finance a car, or take a personal loan, calculating your EMI in advance helps you make informed borrowing decisions. Read Less
Explore EMI Calculators
Personal Loan
Personal Loan
Home Loan
Car Loan
Two Wheeler Loan
Education Loan
Business Loan
Personal Loan EMI Calculator
Loan Amount
₹
₹1K
₹25Cr
Interest rate (p.a.)
5%
10%
Tenure (years)
1 year
10 year
Equated Monthly Installments(EMI) :
₹4,425/-
Home Loan EMI Calculator
Loan amount
₹
₹3L
₹5Cr
Interest rate (p.a.)
5 %
15 %
Tenure (years)
1 year
30 years
Equated Monthly Installments(EMI) :
₹4,425/-
Car Loan EMI Calculator
Loan amount
₹
₹10K
₹25Cr
Interest rate (p.a.)
5 %
15
Tenure (years)
1 year
15 year
Equated Monthly Installments(EMI) :
₹4,425/-
Two Wheeler Loan EMI Calculator
Loan amount
₹
₹10K
₹5Cr
Interest rate (p.a.)
2 %
15 %
Tenure (years)
1 year
10 year
Equated Monthly Installments(EMI) :
₹4,425/-
Education Loan EMI Calculator
Loan amount
₹
₹3L
₹5Cr
Interest rate (p.a.)
4 %
15 %
Tenure (years)
1 year
10 year
Equated Monthly Installments(EMI) :
₹4,425/-
Business EMI Calculator
Loan amount
₹
₹10K
₹25Cr
Interest rate (p.a.)
5 %
15 %
Tenure (years)
1 year
10 year
Equated Monthly Installments(EMI) :
₹4,425/-
What is EMI ?
Equated Monthly instalment (EMI) is a fixed monthly payment made by a borrower to repay a loan. It consists of both principal and interest components, ensuring systematic repayment over the loan tenure.
Plan your budget
Ensure your EMI fits seamlessly into your financial commitments and lifestyle.
Compare loan options
Adjust your home loan, two wheeler loan or personal loan amounts and tenures to find the most suitable repayment plan
Make informed decisions
Get a clear understanding of your financial obligations before taking a loan.
With IDFC FIRST Bank EMI calculators, you can easily determine EMIs for various types of loans without errors and save time in planning better finances. Since loan planning requires significant effort and strategy, it is always advisable to use a loan EMI calculator to make informed decisions.
Formula to calculate the loan EMI
The formula for EMI calculation is:
- EMI = [P×r×(1+r)^n]/[(1+r)^n−1]
Where:
- P = Principal loan amount
- r = Monthly interest rate (Annual rate / 12 / 100)
- n = Loan tenure in months
- P = ₹50,00,000
- r = 8% / 12 / 100 = 0.00667)
- n = 240
Suppose you take a home loan of ₹50 lakh at an interest rate of 8% p.a. for 20 years (240 months):
Using the EMI formula, the monthly EMI would be ₹41,822 approximately.
How to Use the EMI Calculator?
Using the Personal loan EMI calculator is simple and requires only three inputs:
- Enter the Loan Amount – Input the loan amount you wish to borrow.
- Choose the Loan Tenure – Select the repayment period (in months or years).
- Set the Interest Rate – Enter the applicable interest rate for the loan.
The EMI calculator will display the monthly instalment amount, total interest payable, and overall loan cost.
Factors affecting EMI
Loan Amount
Higher loan amounts lead to larger EMIs, as the principal sum directly influences the repayment obligation.
Interest Rate
A higher interest rate increases the EMI amount, while a lower interest rate reduces it. Fixed and floating interest rates also impact the repayment structure.
Term of the loan
This refers to the duration within which you must repay the loan. The IDFC FIRST Bank EMI Calculator helps you explore different repayment periods, allowing you to make an informed choice. Longer tenures reduce EMI amounts but increase the total interest paid over time.
Benefits of Using an EMI Calculator
Quick and Accurate Calculations
The EMI calculator provides instant results, eliminating the need for manual calculations and reducing the chances of errors.
Helps in Financial Planning
Knowing your EMI in advance helps in managing finances efficiently, ensuring that the loan repayment fits within your budget.
Compare Different Loan Options
You can compare multiple loan offers, adjust the tenure or interest rate, and select the best financing option based on affordability.
Types of EMI calculators
Home Loan EMI Calculator
Calculate your monthly EMI for home loans and determine the affordability of a property purchase.
Personal Loan EMI Calculator
Estimate your EMI for a personal loan using a personal loan EMI calculator, ensuring you choose the right loan amount and tenure for financial stability.
Car Loan EMI Calculator
Determine your monthly repayment for a car loan, making it easier to budget for a new vehicle purchase.
Two-Wheeler Loan EMI Calculator
Plan your bike or scooter loan repayment with two wheeler loan calculator, ensuring smooth financing for your vehicle.
Education Loan EMI Calculator
Calculate the EMIs for an education loan, allowing you to plan tuition fees and other academic expenses effectively.
Home Loan Eligibility Calculator
Check your home loan eligibility based on income, liabilities, and credit score before applying.
Business Loan EMI Calculator
Estimate repayments for business loans and plan business finances and cash flow.
Second-Hand Car Loan EMI Calculator
Calculate the EMI for financing a used car, ensuring an affordable repayment plan for pre-owned vehicles
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Frequently asked question
Does the EMI calculator consider processing fees?
No, the EMI calculator calculates only the principal and interest components. The processing fee varies from one bank to another and is included in the overall loan cost that you receive at the time of loan sanctioning.
Can I calculate EMI for a floating interest rate loan?
The IDFC FIRST Bank EMI calculator is based on a fixed interest rate. For floating-rate loans, the EMI may change periodically based on market conditions.
How does part-payment or prepayment affect my EMI?
Making a part-payment or prepayment reduces the outstanding principal, leading to either a lower EMI or a shorter loan tenure, depending on the lender’s policies.
Can I use the EMI Calculator for multiple loans?
Yes, you can calculate EMIs for multiple loans using the different calculators available, such as home loan, car loan, and personal loan EMI calculators, to compare affordability and repayment schedules.
Will my EMI change if the interest rates fluctuate?
For floating-rate loans, EMI may increase or decrease based on interest rate fluctuations. Fixed-rate loans remain unaffected by such changes.
Can I calculate EMI for different repayment frequencies?
IDFC FIRST Bank provides EMI calculators that determine monthly repayment amounts. However, some EMI calculators allow calculations for monthly, quarterly, or yearly repayment frequencies, based on lender terms.
Does the EMI calculator consider inflation?
No, the calculator does not account for inflation. It provides EMI estimates based on current loan terms, while inflation impacts real purchasing power over time.
