Loan Emi calculator

Loan Amount

Tenure (Months)


Interest Rate


Equated Monthly Installment

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What is an EMI?

Equated Monthly Instalment (EMI) is a fixed amount that a borrower pays every month to pay off both interest and principal loan amount. It is paid for several years until the loan is fully cleared. Loans give financial support in various situations, whether it is handling medical emergencies, overseas education, buying a house, wedding expenses, etc. Whenever it is about seeking a personal loan or any other loan, EMI is one critical factor that needs to be considered. It varies depending on three variables – total loan amount, interest rate, and loan tenure.

It is advisable to calculate EMI in advance, to get a clear picture of how much money is required per month to clear the loan gradually. It gives borrowers a chance to set their budget and acquire loans within their capacity. Below is a mathematical formula to calculate EMI manually:

EMI Calculation Formula



P = Principal Loan Amount

r = rate of interest calculated on a monthly basis

For instance, the borrowed amount is ₹10,00,000 at 10.5% annual interest for of the tenure of 10 years. Then, the EMI calculated as per the above formula will be ₹13,493 for 120 months. However, not many rely on this complex formula to calculate EMIs, as nowadays there are freely available EMI calculators on the finance provider’s website. No doubt, the formula is also helpful, but you might not get 100% accurate results even after spending a considerable amount of time.

How SimplyCash Personal Loan EMI Calculator Works?

Calculate EMIs for a personal loan up to 1.5 lakh with the SimplyCash app. Simply Cash’s EMI calculator facilitates calculations of monthly instalments in minutes, with accurate results. Once a suitable EMI amount is derived, a faster decision can be taken for loan application and disbursal.

The working of the Simply Cash EMI calculator depends on three variables - loan amount, tenure, and interest rate. Borrowers can try different combinations of these three variables dragging the blue dot, till a suitable EMI is derived. The tool is very simple and easily available on the SimplyCash app and SimplyCash website. Save your time from manual calculations and rely on the EMI calculator for quick results.

How to Use an EMI Calculator?

Online financing structures have simplified many lives. EMI calculator is one upgraded technology that gives borrowers the clarity about their monthly instalments. Many people depend on manual calculations assuming EMI calculators are complicated to use. It is false as the EMI calculator is the fastest way to equate the monthly instalment without any errors.

Using an EMI calculator is very easy; it is a self-explanatory tool that requires no training:

Feed the necessary information in the fields such as the loan amount, tenure, and interest rate. It will reflect an accurate amount to be paid every month at just one click. Revise your EMI with different inputs, if required. Higher the interest rate, higher will be your EMI, and longer the tenure period, smaller the EMI. Timely repayment of EMIs can build a strong financial record and also a great credit score. Having a high credit score can help you raise funds in the future with ease. So, the next time when you are visiting the bank to enquire about loans, evaluate loan details yourself using the EMI calculator available online on Simply Cash.

What are the Factors Affecting your EMI?

When it is about major steps in life, the first thing that clicks is ‘How will the finances be arranged?’ Every new phase, whether personal or professional, demands money. With technological advancement and innovation in the banking and finance sector, acquiring different types of loans has become easy. It is not like the bygone times where borrowers had to stand in long ques struggling for a loan. Everything is fast-paced now, thanks to the smart online apps such as Simply Cash. With such personal loan apps, the process of loan acquisition is smooth. Right from calculating the EMIs to disbursal, everything is done within 24 hours without any physical documentation. However, individuals applying for loans should consider the below factors that affect your every month instalment (EMI):

  • Change of Interest Rate: The change in interest rate can be either positive, negative, or nothing at all. EMIs will vary depending upon the fluctuating market rate. Hence, it is recommended to go for a fixed rate of interest rather than a floating one.
  • Change in Loan Tenure: If there are any changes in the loan tenure, it affects the EMI. A loan taken for a shorter period has a higher EMI, and loans approved for a longer period have lower EMIs.
  • Pre-payment of Loan: When the borrower initiates the pre-payment of the loan amount, it reduces the outstanding principal amount and also a load of interest. It directly affects the EMI. Check the pre-payment charges, if any, before signing the loan agreement.
  • Balance Loan Transfer: There is a shift in EMI when the borrower transfers the current loan to a new lender.
  • Credit Score: Those with a higher credit score above 750, have higher chances of loan approval at a lower interest rate. It will benefit borrowers to derive affordable EMIs.
  • Job Profile: Individuals with a stable source of income are offered a lower rate of interest on loans. It gives an advantage of budgeted EMIs as the interest rate is not higher.


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