EMI Calculator helps you to calculate your loan EMI easily in Nepal and in the world. Are you currently planning to take a loan from bank for car, bike, house and education ? And you want to know how much money you need to pay every month to your bank ? If yes, an EMI Calculator can do it.
An EMI calculator is a simple online tool that can support you to know your monthly loan payments. It is free, fast and easy to use. You only write or put the loan amount, interest rate, and loan tenure or time period. Then, click on calculate, you will get your monthly EMI, total interest and total payment.
EMI Calculator
Details:
| Loan Amount | – |
| Interest Rate % | – |
| Loan Tenure (in year) | – |
| Monthly EMI | – |
| Total Payment | – |
| Total Interest | – |
In this article, we will discuss everything about EMI calculators. At the end, you will understand how to use it, why it is important and how it can save your time to take decisions.
What is EMI ?
EMI refers to for equated monthly installment of loan. It is the amount of money that you need to pay every month to the bank or loan providers.
An EMI covers two parts:
- Principle – Principle is the original amount that you borrowed from bank or financial institutions.
- Interest – The extra money which needs to be paid to bank or financial institutions. It calculates based on the interest rate.
Example:
If you take a loan of 100,000 for 10 years at 10% interest rate, your EMI will cover both principal and interest.
What is an EMI Calculator ?
An EMI calculator is an online tool that can use to know your loan payment installment to bank monthly. You can know;
- Monthly EMI: How much you need to pay every month ?
- Total Payment: It is loan amount with interest of period.
- Total Interest: It is extra money that needs to be paid to the bank.
You need to put the following three details:
- Loan Amount
- Interest Rate
- Loan Tenure (In Years)
The EMI Calculator works with a mathematical formula to show the result instantly.
EMI Formula
An EMI calculator’s formula is as follows;
EMI = [Pxrx(1+r)^n]÷[(1+r) ^n-1]
Where:
P is loan amount (Principal)
R is monthly interest rate (Annual rate of interest ÷ 12 ÷ 100)
N is loan tenure in months (years x 12)
But it is calculated by online EMI calculator in seconds. Thus, you didn’t spend time to calculate it.
Why use an EMI calculator ?
The reasons for using an EMI calculator before taking a loan are very important. It provides you following information and benefits:
Fast Results - You get fast result without calculating numbers.
Save your time – You will get results less than second. It saves your time.
Make decisions – You can decide if the EMI is fit for your monthly income.
Compare loans – You can compare the EMI of different banks and choose the best option.
Avoid Mistakes – It is machine calculators; thus it avoids the human mistakes or errors.
Types of loans you can calculate EMI for
EMI calculators can be used to calculate many types of loans. Some of them are as follows:
- Home Loan EMI Calculator
- Car Loan EMI Calculator
- Bike Loan EMI Calculator
- Personal Loan EMI Calculator
- Education Loan EMI Calculator
- Business Loan EMI Calculator
Any kind of loan you take, the calculator works for you in same way.
Some of the Nepali Bank Loan calculator
Some of the Nepali Bank Loan calculators are here. You can calculate directly or use it directly from here:
- EMI calculator Nabil bank
- EMI calculator Nepal bank
- EMI calculator Nepal Rastriya Banijya bank
- EMI calculator Global ime bank
- EMI calculator Citizen bank Nepal
- EMI calculator Laxmi bank
- EMI calculator Everest bank
- EMI calculator NIC Asia
- EMI calculator adbl
- EMI calculator Nepal investment bank
- EMI calculator Kumari bank
- EMI calculator Sanima bank
Other Finance related calculators
Here is the more useful financial calculator to calculate SIP, share buy and sell.
How to use an EMI Calculator (Step by Step)
You need to follow the simple step by step guide to use EMI calculator as follows:
- Open the calculator web page.
- Write your Loan amount (Example: 5,00,000).
- Put your Interest Rate (Example: 12%).
- Enter your Loan Tenure (Example: 10 Years).
- Click on calculate.
- The result will be.
- Monthly EMI
- Total Payment
- Total Interest
Example:
- Loan Amount = 5,00,000
- Interest Rate = 12%
- Tenure = 10 Years
Result:
- Monthly EMI = 7173.55
- Total Payment = 860825.69
- Total Interest = 360825.69
Advantages of Using an Calculator
- It is free to use.
- It is available all time and everywhere.
- Works for all types of loans
- It helps in financial planning
- Provides instant results
- It is user friendly and can use anyone.
Practical Example
Sita wants to buy a car worth 60,00,000. She plans to take a loan of 40,00,000 from the bank at 10% interest for 10 years.
Your input in calculator:
Loan Amount = 40,00,000
Interest Rate = 10 %
Tenure = 10 Years
Result:
EMI = 52,860.29
Total Payment = 63,43,235.37
Total Interest = 23,43,235.37
Based on this result, Sita can decide to take or not loan from bank.
Now, Ramesh knows whether he can afford this car loan or not.
Details in Table
| SN | Payment Amount | Total Interest | Principal | Balance |
| 1 | 52,860.29 | 33,333.33 | 19,526.96 | 3,980,473.04 |
| 2 | 52,860.29 | 33,170.61 | 19,689.68 | 3,960,783.36 |
| 3 | 52,860.29 | 33,006.53 | 19,853.76 | 3,940,929.60 |
| 4 | 52,860.29 | 32,841.08 | 20,019.21 | 3,920,910.39 |
| 5 | 52,860.29 | 32,674.25 | 20,186.04 | 3,900,724.35 |
| 6 | 52,860.29 | 32,506.04 | 20,354.25 | 3,880,370.10 |
| 7 | 52,860.29 | 32,336.42 | 20,523.87 | 3,859,846.23 |
| 8 | 52,860.29 | 32,165.39 | 20,694.90 | 3,839,151.33 |
| 9 | 52,860.29 | 31,992.93 | 20,867.36 | 3,818,283.97 |
| 10 | 52,860.29 | 31,819.03 | 21,041.26 | 3,797,242.71 |
| 11 | 52,860.29 | 31,643.69 | 21,216.60 | 3,776,026.11 |
| 12 | 52,860.29 | 31,466.88 | 21,393.41 | 3,754,632.70 |
| 13 | 52,860.29 | 31,288.61 | 21,571.68 | 3,733,061.02 |
| 14 | 52,860.29 | 31,108.84 | 21,751.45 | 3,711,309.57 |
| 15 | 52,860.29 | 30,927.58 | 21,932.71 | 3,689,376.86 |
| 16 | 52,860.29 | 30,744.81 | 22,115.48 | 3,667,261.38 |
| 17 | 52,860.29 | 30,560.51 | 22,299.78 | 3,644,961.60 |
| 18 | 52,860.29 | 30,374.68 | 22,485.61 | 3,622,475.99 |
| 19 | 52,860.29 | 30,187.30 | 22,672.99 | 3,599,803.00 |
| 20 | 52,860.29 | 29,998.36 | 22,861.93 | 3,576,941.07 |
| 21 | 52,860.29 | 29,807.84 | 23,052.45 | 3,553,888.62 |
| 22 | 52,860.29 | 29,615.74 | 23,244.55 | 3,530,644.07 |
| 23 | 52,860.29 | 29,422.03 | 23,438.26 | 3,507,205.81 |
| 24 | 52,860.29 | 29,226.72 | 23,633.57 | 3,483,572.24 |
| 25 | 52,860.29 | 29,029.77 | 23,830.52 | 3,459,741.72 |
| 26 | 52,860.29 | 28,831.18 | 24,029.11 | 3,435,712.61 |
| 27 | 52,860.29 | 28,630.94 | 24,229.35 | 3,411,483.26 |
| 28 | 52,860.29 | 28,429.03 | 24,431.26 | 3,387,052.00 |
| 29 | 52,860.29 | 28,225.43 | 24,634.86 | 3,362,417.14 |
| 30 | 52,860.29 | 28,020.14 | 24,840.15 | 3,337,576.99 |
| 31 | 52,860.29 | 27,813.14 | 25,047.15 | 3,312,529.84 |
| 32 | 52,860.29 | 27,604.42 | 25,255.87 | 3,287,273.97 |
| 33 | 52,860.29 | 27,393.95 | 25,466.34 | 3,261,807.63 |
| 34 | 52,860.29 | 27,181.73 | 25,678.56 | 3,236,129.07 |
| 35 | 52,860.29 | 26,967.74 | 25,892.55 | 3,210,236.52 |
| 36 | 52,860.29 | 26,751.97 | 26,108.32 | 3,184,128.20 |
| 37 | 52,860.29 | 26,534.40 | 26,325.89 | 3,157,802.31 |
| 38 | 52,860.29 | 26,315.02 | 26,545.27 | 3,131,257.04 |
| 39 | 52,860.29 | 26,093.81 | 26,766.48 | 3,104,490.56 |
| 40 | 52,860.29 | 25,870.75 | 26,989.54 | 3,077,501.02 |
| 41 | 52,860.29 | 25,645.84 | 27,214.45 | 3,050,286.57 |
| 42 | 52,860.29 | 25,419.05 | 27,441.24 | 3,022,845.33 |
| 43 | 52,860.29 | 25,190.38 | 27,669.91 | 2,995,175.42 |
| 44 | 52,860.29 | 24,959.80 | 27,900.49 | 2,967,274.93 |
| 45 | 52,860.29 | 24,727.29 | 28,133 | 2,939,141.93 |
| 46 | 52,860.29 | 24,492.85 | 28,367.44 | 2,910,774.49 |
| 47 | 52,860.29 | 24,256.45 | 28,603.84 | 2,882,170.65 |
| 48 | 52,860.29 | 24,018.09 | 28,842.20 | 2,853,328.45 |
| 49 | 52,860.29 | 23,777.74 | 29,082.55 | 2,824,245.90 |
| 50 | 52,860.29 | 23,535.38 | 29,324.91 | 2,794,920.99 |
| 51 | 52,860.29 | 23,291.01 | 29,569.28 | 2,765,351.71 |
| 52 | 52,860.29 | 23,044.60 | 29,815.69 | 2,735,536.02 |
| 53 | 52,860.29 | 22,796.13 | 30,064.16 | 2,705,471.86 |
| 54 | 52,860.29 | 22,545.60 | 30,314.69 | 2,675,157.17 |
| 55 | 52,860.29 | 22,292.98 | 30,567.31 | 2,644,589.86 |
| 56 | 52,860.29 | 22,038.25 | 30,822.04 | 2,613,767.82 |
| 57 | 52,860.29 | 21,781.40 | 31,078.89 | 2,582,688.93 |
| 58 | 52,860.29 | 21,522.41 | 31,337.88 | 2,551,351.05 |
| 59 | 52,860.29 | 21,261.26 | 31,599.03 | 2,519,752.02 |
| 60 | 52,860.29 | 20,997.93 | 31,862.36 | 2,487,889.66 |
| 61 | 52,860.29 | 20,732.41 | 32,127.88 | 2,455,761.78 |
| 62 | 52,860.29 | 20,464.68 | 32,395.61 | 2,423,366.17 |
| 63 | 52,860.29 | 20,194.72 | 32,665.57 | 2,390,700.60 |
| 64 | 52,860.29 | 19,922.51 | 32,937.78 | 2,357,762.82 |
| 65 | 52,860.29 | 19,648.02 | 33,212.27 | 2,324,550.55 |
| 66 | 52,860.29 | 19,371.25 | 33,489.04 | 2,291,061.51 |
| 67 | 52,860.29 | 19,092.18 | 33,768.11 | 2,257,293.40 |
| 68 | 52,860.29 | 18,810.78 | 34,049.51 | 2,223,243.89 |
| 69 | 52,860.29 | 18,527.03 | 34,333.26 | 2,188,910.63 |
| 70 | 52,860.29 | 18,240.92 | 34,619.37 | 2,154,291.26 |
| 71 | 52,860.29 | 17,952.43 | 34,907.86 | 2,119,383.40 |
| 72 | 52,860.29 | 17,661.53 | 35,198.76 | 2,084,184.64 |
| 73 | 52,860.29 | 17,368.21 | 35,492.08 | 2,048,692.56 |
| 74 | 52,860.29 | 17,072.44 | 35,787.85 | 2,012,904.71 |
| 75 | 52,860.29 | 16,774.21 | 36,086.08 | 1,976,818.63 |
| 76 | 52,860.29 | 16,473.49 | 36,386.80 | 1,940,431.83 |
| 77 | 52,860.29 | 16,170.27 | 36,690.02 | 1,903,741.81 |
| 78 | 52,860.29 | 15,864.52 | 36,995.77 | 1,866,746.04 |
| 79 | 52,860.29 | 15,556.22 | 37,304.07 | 1,829,441.97 |
| 80 | 52,860.29 | 15,245.35 | 37,614.94 | 1,791,827.03 |
| 81 | 52,860.29 | 14,931.89 | 37,928.40 | 1,753,898.63 |
| 82 | 52,860.29 | 14,615.82 | 38,244.47 | 1,715,654.16 |
| 83 | 52,860.29 | 14,297.12 | 38,563.17 | 1,677,090.99 |
| 84 | 52,860.29 | 13,975.76 | 38,884.53 | 1,638,206.46 |
| 85 | 52,860.29 | 13,651.72 | 39,208.57 | 1,598,997.89 |
| 86 | 52,860.29 | 13,324.98 | 39,535.31 | 1,559,462.58 |
| 87 | 52,860.29 | 12,995.52 | 39,864.77 | 1,519,597.81 |
| 88 | 52,860.29 | 12,663.32 | 40,196.97 | 1,479,400.84 |
| 89 | 52,860.29 | 12,328.34 | 40,531.95 | 1,438,868.89 |
| 90 | 52,860.29 | 11,990.57 | 40,869.72 | 1,397,999.17 |
| 91 | 52,860.29 | 11,649.99 | 41,210.30 | 1,356,788.87 |
| 92 | 52,860.29 | 11,306.57 | 41,553.72 | 1,315,235.15 |
| 93 | 52,860.29 | 10,960.29 | 41,900 | 1,273,335.15 |
| 94 | 52,860.29 | 10,611.13 | 42,249.16 | 1,231,085.99 |
| 95 | 52,860.29 | 10,259.05 | 42,601.24 | 1,188,484.75 |
| 96 | 52,860.29 | 9,904.04 | 42,956.25 | 1,145,528.50 |
| 97 | 52,860.29 | 9,546.07 | 43,314.22 | 1,102,214.28 |
| 98 | 52,860.29 | 9,185.12 | 43,675.17 | 1,058,539.11 |
| 99 | 52,860.29 | 8,821.16 | 44,039.13 | 1,014,499.98 |
| 100 | 52,860.29 | 8,454.17 | 44,406.12 | 970,093.86 |
| 101 | 52,860.29 | 8,084.12 | 44,776.17 | 925,317.69 |
| 102 | 52,860.29 | 7,710.98 | 45,149.31 | 880,168.38 |
| 103 | 52,860.29 | 7,334.74 | 45,525.55 | 834,642.83 |
| 104 | 52,860.29 | 6,955.36 | 45,904.93 | 788,737.90 |
| 105 | 52,860.29 | 6,572.82 | 46,287.47 | 742,450.43 |
| 106 | 52,860.29 | 6,187.09 | 46,673.20 | 695,777.23 |
| 107 | 52,860.29 | 5,798.14 | 47,062.15 | 648,715.08 |
| 108 | 52,860.29 | 5,405.96 | 47,454.33 | 601,260.75 |
| 109 | 52,860.29 | 5,010.51 | 47,849.78 | 553,410.97 |
| 110 | 52,860.29 | 4,611.76 | 48,248.53 | 505,162.44 |
| 111 | 52,860.29 | 4,209.69 | 48,650.60 | 456,511.84 |
| 112 | 52,860.29 | 3,804.27 | 49,056.02 | 407,455.82 |
| 113 | 52,860.29 | 3,395.47 | 49,464.82 | 357,991.00 |
| 114 | 52,860.29 | 2,983.26 | 49,877.03 | 308,113.97 |
| 115 | 52,860.29 | 2,567.62 | 50,292.67 | 257,821.30 |
| 116 | 52,860.29 | 2,148.51 | 50,711.78 | 207,109.52 |
| 117 | 52,860.29 | 1,725.91 | 51,134.38 | 155,975.14 |
| 118 | 52,860.29 | 1,299.79 | 51,560.50 | 104,414.64 |
| 119 | 52,860.29 | 870.12 | 51,990.17 | 52,424.47 |
| 120 | 52,860.29 | 436.87 | 52,423.42 | 0 |
How Calculator helps with financial planning
- You can decide whether you can afford it or not based on your income.
- You can change period of loan to make affordable to pay monthly EMI.
- You can compare it with different banks which is low for payment.
- You can avoid a loan if it is not affordable according to your monthly income.
FAQs about EMI Calculator
EMI is Equated Monthly Installment. It is the monthly payment that you make to repay your loan.
Yes, an EMI Calculator is 100% accurate if you provide correct loan details.
Yes, you can use EMI for home loans, car loans, business loan, personal loans, education loans etc.
Yes, all banks and financial institutions use the same EMI formula to calculate loan. We provide more result in this calculator more then bank.
Yes, EMI Calculators show both monthly EMI and total interest payable. If you didn’t find then use this page calculator.
Yes, online EMI Calculators are completely free and available 24/7.
Longer tenure = smaller EMI but higher total interest.
Shorter tenure = bigger EMI but lower total interest.
Yes, students can use it for education loans to check how much they need to pay after graduation.
The best EMI Calculator is one that is simple, accurate, and easy to use on both mobile and computer.
If you take a floating interest rate loan, EMI can change when interest rates change.
Conclusion
An EMI calculator is the best and useful financial tool. It helps you to know your monthly EMI, total payment and total interest in seconds. When you are planning to take a home loan, car loan, business loan, personal loan and education loan, this calculator will provide instants result and save your time and make quick decision to take loan.
Thus, we need to use it before applying for a loan, it is free, simple, accurate and works anytime.
