EMI Calculator

Overview

The loan EMI (Equated Monthly Installment) calculator is a tool used by banks, financial institutions, and individuals to determine the monthly installment payments required to repay a loan over a specific period.

The business or functional use case of a loan EMI calculator is to help both the lender and borrower in several ways,

1. Loan Planning: Borrower can use the EMI calculator to plan their loans and determine the loan amount they can afford. By adjusting the loan amount, tenure, and interest rate, the Borrower can calculate different EMI scenarios and choose the one that best suits their financial situation.
2. Loan Comparison: The EMI calculator also helps users to compare loans from different lenders by calculating the monthly payments and total interest payable for each loan.
3. Loan Marketing: Property developers/Builders can use the EMI calculator as a marketing tool to attract potential home buyers by providing them with an estimate of their monthly payments based on the loan amount and interest rate. This helps to provide a quick idea of the affordability of the loan and may encourage potential borrowers to apply for a loan.
4. Loan Analysis: The EMI calculator provides useful insights into the loan's repayment structure, such as the total interest payable over the loan tenure, the principal amount, and the outstanding balance.

The loan EMI calculator is a versatile tool that provides significant benefits to both lenders and borrowers. It helps to plan, compare, adjust, monitor, analyze, and provide excellent customer service for loans.

Key Features & Functionality

1. Loan details: Users can input loan amount, interest rate, and tenure to view loan details.
2. EMI calculation: The utility calculates Equated Monthly Installment (EMI) based on the user's loan details.
3. Total interest and amount payable: Users can see the total interest payable over the loan term and the total amount payable over the loan term.
4. Loan Amortization Schedule: The utility generates a loan amortization schedule to show users how their loan payments will be allocated between principal and interest.
5. EMI chart: An EMI chart is provided to show users how their EMI payment is split between principal and interest over the loan term.
6. Pie chart: A pie chart is generated to show users the total principal amount and total interest payable with percentage breakdown.
7. Customizable: The utility can be customized to meet the specific requirements of the user.