Loan Calculators

EMI (Equated Monthly Installment) is the fixed amount you pay every month towards your loan repayment. It includes both principal and interest components. EMI is calculated using the formula: EMI = [P × r × (1 + r)^n] ÷ [(1 + r)^n - 1], where P is the principal loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of monthly installments.

A longer loan tenure results in lower EMIs but higher total interest payable. Conversely, a shorter loan tenure leads to higher EMIs but lower total interest payable. For example, a ₹50 lakh home loan at 8% interest would have an EMI of approximately ₹41,822 for a 15-year tenure and ₹33,679 for a 25-year tenure. However, the total interest payable would be approximately ₹25.28 lakhs for the 15-year loan and ₹51.04 lakhs for the 25-year loan.

Car loan interest rates typically range from 7% to 15% per annum depending on factors like your credit score, loan amount, tenure, and the lender's policies. For new cars, interest rates are generally lower (7-10%) compared to used cars (11-15%). A good interest rate would be on the lower end of this range. Using our EMI calculator for car loan can help you understand how different interest rates affect your monthly payments.

Most lenders require a minimum down payment of 15-20% of the bike's value. However, making a larger down payment (30-40%) is beneficial as it reduces your loan amount, EMI, and total interest payable. It also improves your chances of loan approval and may help secure better interest rates. Our EMI calculator for bike loan can help you see how different down payment amounts affect your monthly EMI.

Several factors affect how much loan you can afford, including your monthly income, existing financial obligations (like other loans and credit card payments), monthly expenses, the loan interest rate, loan tenure, and your credit score. Lenders typically use debt-to-income ratio (DTI) as a key metric, which is the percentage of your monthly income that goes towards debt repayments. Most lenders prefer a DTI of 40% or less.

Yes, most lenders allow you to prepay or foreclose your car or bike loan before the end of the tenure. However, some lenders may charge prepayment penalties (typically 2-5% of the outstanding loan amount). Check your loan agreement for specific terms regarding prepayment. Paying off your loan early can save you significant interest costs, which you can calculate using our EMI calculator for car loan or bike loan.

Our loan calculators use standard financial formulas and provide reasonably accurate projections based on the inputs you provide. However, actual loan terms may vary based on factors like your credit score, the lender's policies, and market conditions. These calculators should be used as planning tools rather than guarantees of loan terms. For precise loan terms, consult with lenders directly.

Typically, you'll need to provide identity proof (Aadhaar, PAN card, passport), address proof (utility bills, rental agreement), income proof (salary slips, income tax returns), bank statements for the last 3-6 months, and employment details. For car loans, you'll also need vehicle details like proforma invoice, quotation, and registration certificate (for used vehicles). Requirements may vary by lender.