With colourful charts and instant results, this free Loan EMI Calculator app is easy to use, intuitive to understand and is quick to perform. You can calculate EMI for home loan, personal loan, car loan, education loan or any other fully amortizing loan in India using this app. You can also check how prepayment can help reduce total interest outgo and reduce loan tenure.
Download the app and enter the following information:
- Principal Loan Amount (rupees)
- Loan Tenure (months or years)
- Rate of Interest (percentage)
- Fees & Charges (rupees) - Optional
- EMI Scheme (EMI in arrears or EMI in advance) - Optional
- Start Date (month & year) - Optional
- Extra Payments / Prepayments - Optional
You are presented with payment summary with break-up of principal and interest components, payment schedule and chart for the loan details entered. You can choose to share this information via e-mail, SMS or any other messaging app. You can also share the results to your favourite note taking app.
The app also computes the loan APR (aka IRR) using the fees and charges entered. This is especially useful for loans with 0% EMI schemes where fees and charges are levied (instead of interest) when purchasing mobiles, computers or household items.