# EMI Calculator For Home Loan Car loan & Personal Loan In India

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Month Begining Loan Balance EMI Principal Monthly Interest Outstanding Balance

### What is EMI ?

EMI or Equated Monthly Installment is the process of paying the installment/money at the specific date in each month for the certain period of years which defined by the lender to borrower.

### What is EMI differ from interest ?

EMI is basically includes both the principle and interest. When lender decides to give loan to the borrower then they will set the interest rate for the loan which they provide to borrower. So based on the interest rate, the interest will be calculated on the monthly basis and EMI will have that interest and also the remaining amount will be consider as principle amount

### Important Factors ?

EMI = Equated Monthly Installment, the amount that borrower has to pay to the lender against the loan they received

Lender = Person who gives the loan

Borrower = Person who receive the loan

Loan Amount (Principle) = The total loan amount that the borrower receives it from lender

Interest Rate = Interest rate that is defined by the lender for the loan amount which is for borrower, usually it will be in percentage (%)

Loan Period = Number of years or months that the EMI will be paid by borrower to lender

### EMI Calculator For Home Loan Car loan & Personal Loan In India

Its everyones dream to have their own house. Not everyone can have money to build their house. Both private sectors and public sector banks offer loan to their customers to have their own house. Various banks offers home loan at the specified amount of interest percentage that they defined. CalcUniverse providing a home loan calculator application which helps user to knows what is the EMI for the amount that they willing to borrow from bank at the specified amount of interest percentage rate in a detailed manner.

Basically Home loan calculator is calculated based on the factors including total amount that customer wants to borrow, interest rate of the bank where customer will get loan for him/her Home and the total period that he/she accept to pay their loan amount back to bank along with interest amount

John is willing to build his home with the price of 500000 Dollar/Rupee/Euro. He do not have that much amount ready with him. He is having a bank account which offers 11% of interest to the loan payment. John plans to buy home loan from his bank and pay back to the bank with the period of 3 year.

Here is how Johns home loan is calculated

E = P*r*(1 + r)n/((1 + r)n - 1)

E = P*r*(1 + r)n/((1 + r)n - 1)

P = 500000

r = 11 %

n = 36 months

So the EMI, E = 500000 * 11% (1 + 11%)^(36-1)

Therefore E = 16369

Total Interest = 89284

Total Amount + Interest = 589284

### Car/Auto and Personal Loan

EMI will be calculated in car/auto and personal loans as same as home loan. The only difference is the interest rate for each loan category. Usually personal loan interest will be high compared to home and car/auto loans

### Some of the banks perosnal loan interest rates

Name of the Bank Interest % Link
Axis Bank 8.35% https://www.axisbank.com/
Bank of Baroda 8.30% https://www.bankofbaroda.co.in/
Bank of India 8.35% www.bankofindia.co.in/
Canara Bank 8.35% https://www.canarabank.in/
Central Bank of India 8.30% https://www.centralbankofindia.co.in/
Citibank 8.60% https://www.online.citibank.co.in/
Corporation bank 8.75% www.corpbank.com/
HSBC Bank 8.65% https://www.hsbc.co.in/
ICICI Bank 8.35% https://www.icicibank.com/
IDBI Bank 8.35% https://www.idbi.com/
Karur Vysya Bank 9.00% www.kvb.co.in/
Lakshmi Vilas Bank 9.40% https://www.lvbank.com/
Punjab National Bank 8.35% https://www.pnbindia.in/
SBI 10.50% https://www.sbi.co.in/
Standard Chartered Bank 8.51% https://www.sc.com/in/
Syndicate Bank 8.45% https://www.syndicatebank.in/
United Bank of India 8.45% www.unitedbankofindia.com/
Vijaya Bank 8.50% https://www.vijayabank.com/
Yes Bank 9.35% https://www.yesbank.in/