Planning to buy your dream home? You may have probably discovered that purchasing a house is more complex than you anticipated, especially if you need to apply for a home loan.

Crunching the numbers is necessary so that you don’t default later. But for an ordinary citizen with only a vague interest in mathematics, arriving at the right numbers can be an uphill battle.

And you are not alone: millions of Indians apply for a home loan each year. 

According to data by the Reserve Bank of India (RBI), outstanding home loans have been rising in number over the years, peaking at a value of INR 11.6 trillion in 2018-19.

Fortunately, you can make use of online calculators to decide the amount and term of your loan. However, before we jump in, let's figure out what a home loan EMI calculator even is.

A home loan EMI calculator is a simple mathematical tool that is free to use for everyone. This straightforward calculator tells you the amount of money you’d be repaying each month for specific loan size and term. 

By varying the term of the loan in the calculator, you can find out how much you’d be paying over 20, 25 or 30 years and pick a loan size that’s suitable for you.

How Does A Home Loan EMI Calculator Work?

A home loan EMI calculator can be used as a handy guide before applying for a home loan. It helps you estimate the loan amount you are eligible for, as well as your EMI or Equated Monthly Instalments. 

Generally, a home loan EMI calculator has three parameters – loan amount, interest rate and tenure. 

With the interest rate remaining constant, you can change the loan amount and tenure to work out your EMI in various situations and pick the most suitable combination. 

Typically, a longer loan tenure (for a maximum of 30 years) helps in reducing the EMI. However, the longer the loan tenure, the more you pay in interest. 

Using a home loan EMI calculator is quite straightforward. All you need to do is enter the loan amount, interest rate and the loan tenure in years. And, within seconds, you will see the estimated EMI value on your screen.

Why Is It Important To Use A Home Loan Calculator?

Calculating the exact EMI for your home loan can be cumbersome. Usually, the most a layperson can do is consult an accountant to run the numbers.

But what if someone decided to create an online tool that can perform complex calculations in seconds and give you accurate results? This is where an EMI calculator comes in.

Getting such an estimate before applying for a home loan will help you plan your finances better and minimise the risk of defaulting on your payments. 

The best part is that most online EMI calculators are free to use. With a home loan EMI calculator, you can even figure out the right sized loan for yourself. 

As they say, you shouldn’t buy more than you can chew. This means you should not borrow the entire amount available to you. 

Instead, crunch the numbers using a home loan EMI calculator to figure out the maximum EMI amount you can afford to decide the size of your borrowing. 

Who Can Use The Home Loan EMI Calculator?

Anybody who is planning to purchase a home can use a home loan EMI calculator to check the size of their EMI. 

Generally, it is suggested to calculate your EMI at a higher interest rate to build a buffer for any future interest rate hikes.

Decoding The Home Loan EMI Calculator Formula

Home loan EMI calculators use a specific formula to calculate your EMI, which is:

Here, E is the EMI amount, P is the principal, R is the interest rate, and N is the loan term. 

So, if you are applying for a home loan of INR 50 lacs for a 20-year term at an interest rate of 10%, your EMI would be:

E = [50, 00,000 x 10 x (1+10) ^ 20] / [(1+10) ^ 20-1] 

The Key Advantages Of Using A Home Loan EMI Calculator

If you are in the process of purchasing your dream home, you can benefit from using a home loan EMI calculator before sending in your loan application. 

An online home loan EMI calculator is simple to use. Just by entering a few necessary details, you can calculate your EMI to plan your finances better.

You can change the term of the loan to see how it impacts your EMI and decide on your home loan tenure accordingly.

Using an online EMI calculator is free for everyone, and there’s no limit on how many times you can use it.

You may use an EMI calculator to compare different loan deals and see which one is more affordable for you in terms of EMI and interest payable over the full term of the loan.

By knowing your EMI, you can confirm whether you’d be able to repay it, which increases your chances of approval.

Thanks to technological advancement and urbanisation, India is set to witness a steep incline in the demand for affordable housing. 

The Mckinsey Report (2010) estimates the development of 38 million housing units in 2030. This staggering number emphasises the need for a calculator to deal with higher loan rates and stay on top of your finances.

In addition to using a home loan EMI calculator to determine your EMI, it is also a good idea to use a CIBIL Score calculator to determine your creditworthiness. 

Besides, getting a home loan after checking your EMI makes sure you can repay it confidently, which helps in maintaining your credit score: a three-digit number that's essential to be approved for any other credit in the future. 

know how much your dream home will cost: use CRED’s calculator to get an estimate of your EMIs

know how much your dream home will cost: use this calculator to get an estimate of your EMIs

Check out this home loan calculator I found on CRED. It helps you find the ideal EMI you should pay for your dream home easily.

earn up to ₹1000 cashback by paying your credit card bill on CRED

Owning a car gives you a unique social status. Other than the prestige factor, it is a convenient means of transport for you and your family.

You don't need to be wealthy or scrimp and save to buy a car anymore. Car loans are available where you can repay the amount in easy monthly instalments called Equated Monthly Instalments (EMIs).

Cars became cheaper in India in early 2020, with the Union Government reducing Goods and Services Tax (GST) from 28% to 18%, which made buying a car an even more attractive proposition.

Most banks have tie-ups with car dealers for setting up loans for customers who approach the dealers to buy cars. Once the customer has chosen a model, the bank representative will set up a car loan for the customer.

The customer makes a down payment against the cost of the vehicle, and the bank lends the remaining amount. The rate of interest is fixed (typically 7% or 8%) but the customer can decide on the term (no of years) of the loan.

A Look At The Car Loan Calculator And What It Does

It is possible to secure a pre-approved loan from a bank. Within the framework of the terms and conditions, you can choose the term (typically up to a maximum of seven years) and pay monthly EMIs.

Banks offer car loans not only to individuals but to companies, trusts and societies. The rules will vary between individuals and organisations, but the rates of interest and other variables remain more or less the same.

Whether you want to purchase a car as an individual or you will represent an organisation, you can make use of an indispensable online tool called a car loan EMI calculator. 

By using this online tool, you can get an idea of how much you might have to pay for a particular loan amount on the value of a car. 

Then, you can vary the term to see the maximum and minimum EMI that you would be charged.

If you are contemplating buying a car, you can get a good idea of your financial outlay, even before you start shopping for the vehicle. It sets your expectations, and you can tackle the project more realistically.

Before your loan application goes through, the lender refers to a Car Loan Repayment table. It contains all the information about a set of details like the principal, interest, monthly EMI, and how much would be left outstanding each month.

The car loan EMI calculator considers all the above variables to provide details of the final monthly EMI you will have to pay. It will show you how the EMI changes as you change the term or the amount of down payment.

Using this online calculator is relatively easy, as long as you pay attention to the information you are inputting. 

Bear in mind that the amounts can be considerable, typically in lakhs, so you should enter the information carefully.

The two single most important numbers are the term and the loan amount. A higher loan amount will increase the EMI. The shorter the term, the higher the EMI and vice-versa. You can vary the numbers to reach a convenient figure.

Be aware that because the source of these calculators is different banks, the interest rates may vary. Hence, your results may vary slightly from one calculator to another for the same set of variables.

The Importance Of A Car Loan EMI Calculator

You may ask why you need an online EMI calculator if the lender is anyway going to do all the calculations. 

First off, there is tons of competition between car loan providers. You can get the best deal by trying out the calculators of different lenders. No lender will tell you that they are more expensive than others.

The most crucial benefit that you get from a car loan EMI calculator is that it helps you set your expectations about car finance before you even start the process. 

There can be a considerable disparity between lenders concerning the interest rates. You can’t change the interest rate of a particular provider, but you can select the provider with the lowest rates.

The most obvious user of this tool is the bank providing the loan. The car salesman may also use it in an attempt to motivate you to close a deal with an attractive EMI that falls within your budget.

But you as the buyer can also make fair use of a car loan EMI calculator. 

When you plan to buy a car through finance, you can gain the upper hand over the bank representative, who will offer you the best deal, realising that you are not ignorant.

You can make fair use of this online calculator by scouring the market for a car of your choice, and then comparing the respective EMIs of each model and brand. These calculators also provide options for pre-owned vehicles.

Here, P = Principal, R= % interest, and n = number of instalments.

If P= ₹700,000.00, R= 11% per annum= 11/12= 0.19667 per month, N = 84 months,

then, EMI = ((700000*0.19667 /100*(1+0.19667 /100) ^84/ ((1+0.19667 /100) ^84-1))) = ₹11,986.00

Use A Car Loan EMI Calculator To Help You In Your Car Purchase

To sum up, the car loan EMI calculator has multiple advantages as follows:

Compare the EMIs of different brands and models.

Have the upper hand over the loan provider.

Get the lowest interest – the car remains the same, no matter who your loan provider may be.

If you wish to buy a car on loan today, first of all, try out online EMI calculators of different loan providers. 

Keep these calculators accessible to you, and you will be surprised at how helpful they can be in giving you the information you need for your purchase.

know how much your dream car will cost: use CRED's calculator to get an estimate of your EMIs

know how much your dream car will cost: use the calculator to get an estimate of your EMIs

Check out this car loan calculator I found on CRED. It helps you calculate the ideal EMI you should pay for your dream car easily.

Public Provident Fund (PPF), launched by the Government of India in 1968, is a tax-deductible, low-risk saving scheme. 

It is a means for converting small savings to long-term investments that provide retirement benefits to self-employed persons.

Government saving schemes like PPF in India are quite popular. A survey conducted by Nielsen revealed that saving and investing in the Asia-Pacific led globally at 61% and 37% respectively. 

The PPF interest rate is 7.1% in 2020-21, and the minimum lock-in period is 15 years. 

A significant advantage of PPF investments is that you can take loans against your account for expenses like a marriage or educational costs for a child.                    

Until a few years ago, many aspects of how PPF works were a mystery to most people. 

Even professional accountants would have to pull out their calculators and make complicated calculations which would entail pages and pages of workings.

However, the one thing that has revolutionised how these calculations are done is the PPF Calculator. It is a simple-to-operate online tool that anyone can use.

There are many versions available, but they all work on the same principle with identical results. Enter the essential information to see the interest you earn and the total maturity amount.

If you have a PPF account, you would be interested to know how much principal and interest has accrued after a certain number of years. 

Previously, the calculation used to be complicated, and you would need an accountant to show you the figures.

The PPF Calculator does the work of several calculations in an instant. Fluctuating interest rates, which are revised every three months, are considered. It does the computation based on the information you provide.

The time of the year you invest is also critical. The interest for the financial year is calculated on the amount invested before the 5th of each month. 

If deposits are made after the 5th, the interest will be less, and the calculator will compute accordingly.

You can get the PPF Calculator in different modes. Some of the modes that you may come across are:

Each mode has a particular outcome depending on your individual scenario. Here are the possible results for each calculation mode: 

The calculator calculates the amount that you are likely to earn if you invest a particular amount on an annual basis for 15 years. 

The calculator will throw up a quick estimate on the amount that will be accrued from investing a monthly fixed amount for 15 years.

Here, you can see the amount you will earn if you invest different amounts every year – the calculator will also show you projected rates of interest for the future.

The variable monthly amount mode involves the most complicated calculations of all the modes. You can add random monthly amounts to reach a final figure at the end of a 15-year term.

A Look At PPF Calculation For Over 15 Years

Unlike an employer-linked provident fund, PPF is voluntary, and there is no minimum age. Hence, someone like your parents or grandparents can make PPF contributions on your behalf from the day you are born.

If PPF contributions were made on your behalf from a very young age, you might like to continue to contribute as an adult. 

It means that you would probably be looking at terms like 20 years or 30 years. It effectively exceeds the 15-year lock-in period.

For the above scenario, you would need an “extension calculator” to calculate the amount you will earn after the extension period. 

The extension calculator calculates for two scenarios: if you do or don’t contribute during the extension period.

An online PPF Calculator is the quickest and most convenient way of calculating your PPF interest accrual and amount on maturity. 

You don’t need to install dedicated software on your laptop, PC or handheld devices – open the webpage and use it. The platform also offers the latest updates to keep you abreast of the trends.

You may start by investing in a particular pattern, like say, monthly contributions, or consider switching to annual contributions after a few years. The online PPF Calculator will give you all the information you need.

Another benefit of these online calculators is that the results are often graphically represented. Easily-readable chats and summaries will give you a clearer picture of what is happening with your money.

Using a PPF Calculator is crucial because it saves you from having to consult an accountant or spend time manually calculating your projected income from your provident fund. 

This calculator is a boon to accountants and financial consultants. It prevents the necessity to perform complicated computations that run into multiple pages. So, accountants rely heavily on this calculator.

But, what if you, as an investor, are interested to know how your investment works out?  

You can play around with the online calculator to see the various permutations and computations, thereby finding great use from it.

An amount of ₹30,000.00 was invested before the 5 April 2020. The previous balance was ₹70,000.00. The lowest monthly balance for the year would be ₹100,000.00. 

The monthly interest @ 7.1% (the interest rate for January to March 2020) would then be ₹658.33. See the chart below:

The PPF Calculator Is A Useful Online Tool

To sum up, if you contribute to a PPF, this online calculator has multiple advantages as follows as you can know:

Interest on fixed and variable investment

Maturity amount based on regular contributions

Different maturity amounts based on varied contributions

Maturity amount due after the extension period

Keep an online PPF Calculator with you, and never lose sight of how your money grows in your provident fund over the years. Always know how much money you can obtain when you need it the most.

know how much your savings will amount up to: use CRED’s calculator to find out the amount of principal and interest you have accrued

know how much your savings will amount up to: use this calculator to find out the amount of principal and interest you have accrued

Check out this PPF calculator I found on CRED. It helps you calculate the amount of principal and interest you’ll have saved easily.

As of March 2020, personal loans in total bank credit stood at 24%, recording a 7.4% jump since March 2015. This statistic corroborates market sentiments of personal loan gaining nationwide prominence. 

Personal loans are unsecured loans granted to satisfy personal needs such as fulfilling children's higher education costs, buying a home, or something else. 

These loans are sanctioned after a careful analysis of the borrower's income level, payment histories, and repayment capacity. These loans allow the borrower to make EMI, i.e. Equated Monthly Installments payments. 

As the term suggests, they are fixed amounts calculated on the principal and interest that are payable by the borrower on a fixed calendar date every month.

While a personal loan can help you survive a monetary emergency in a pinch, it is not worth drowning in debt over this type of credit. 

Hence, it's important to familiarise yourself with the nitty-gritty of the loan and the repayment procedure. This is where the role of an EMI Calculator comes into play. 

One can access this calculator on the internet by visiting the website portals of different lending players. The calculator requires the user to punch in different values, like:

Tenure, i.e. the number of years in which you intend to repay the entire loan

Bear in mind that most banks offer personal loans for a maximum period of 5 years. The calculators are designed in this fashion, such that entering a value above 5 prompts the user to change their input. 

Once you enter your values, the calculator displays three crucial figures: 

This way, you can figure out the accurate values of your EMI payments, that too in a fraction of the time it normally takes to calculate these numbers manually.

It's pretty simple to access and understand this calculator's workings. The tool works in the same way as a regular calculator. All you're required to do is: 

Plugin the values using the slider or manually punch in numbers

The calculator will immediately display the EMI against your loan amount in the form of a table and a colourful pie chart or a bar chart. 

A personal loan can get messy. Since the loan gets customised to suit your needs and capability and involves no collateral, it's crucial to stay updated at each stage of this process. 

This EMI Calculator helps you achieve better financial planning. By plugging in your desired values, you get a good idea of what's in store for you after the loan is approved. 

Moreover, loan calculations may get messy and complex. With one simple click, you have early access to information that otherwise channelises your energy into unproductive tasks. 

Anybody who intends to opt for an EMI-repayment personal loan is eligible to use the EMI Calculator. 

A borrower can use this calculator to punch in different values to understand the best deal for them, to plan their financials better, and to have a general idea of what is in store for them until the loan matures.

The following is a typical example to help you navigate your EMI payments.

The calculator uses the following formula to generate results: 

EMI = [P x R x (1+R) ^ N] / [(1 + R) ^ (N - 1)]

Let's assume Person X is seeking a personal loan worth Rs 18,00,000. He intends to repay this back in 5 years (60 months) at an interest rate of 12% per annum. 

Punching these numbers into the formula gives: 

EMI = [1800000 x 0.12 x (1+0.12)^5] / [(1 + 0.12)^4]

By now, we hope your intuition points to the numerous advantages presented by an EMI Calculator. Let's decode them here:

Repaying loans can get challenging. Inadequate information, on top of this, just worsens the situation. 

However, to strike balanced financial health, you need to stay updated about the loan market - while at the same time, honestly assess your capabilities to fulfil them. 

This calculator helps you with information at your disposal. The EMI Calculator presents the entire breakup of the instalments expected from your end. 

This way, you can gauge your capability and make an informed decision. 

Most calculators present answers to the nearest degree. The EMI Calculator is an exception, though. 

The calculator presents a precise answer to the last digit. Therefore, the stress of experiencing increased repayment values or anything along such lines is out of scope in the future. 

This online tool is available for free on the website portals of the lending banks. There is no limit to the number of free calculations. One can get going until they find the EMI number that suits their financial health. 

Often, people end up becoming victims to the nastiness of market movements. However, this nastiness does not exist when you stay updated with the aid of EMI Calculators. 

As Warren Buffet rightly pointed out, "Risk comes from not knowing what you're doing." While this has been quoted in a stock market context, it applies equally well to the personal loan subject.

A personal loan and an EMI work wonders if you are hesitant to pledge in your assets. That said, it is equally important to be vigilant and an honest borrower, who pays back every rupee on time. 

In the midst of acquiring a personal loan, EMI Calculators are the way-to-go for maintaining a healthy financial lifestyle. Make them your best friend to avoid unexpected troubles.

know how much you will have to pay back: use CRED’s calculator to find the EMI you’ll have to pay on your loan

know how much you will have to pay back: use this calculator to find the EMI you'll have to pay on your loan

Check out this EMI calculator I found on CRED. It helps you calculate the EMI you'll have to pay back on your loan easily.

Earning money is good. But this is just the start. It's important to increase the value of this existing wealth. And this is where investment vehicles like Mutual Funds come into play. 

To introduce Mutual Funds briefly, they are investment pools handled by professional fund managers. 

These managers pool in the money from different investors to further invest them in stocks, bonds, money market instruments, and global funds for earning greater returns.  

People often use the terms Mutual Funds and Systematic Investment Plan (SIP) interchangeably. But there is a major difference between the two. 

Mutual Funds is an investment instrument.

SIP is an investment route in Mutual Funds that allows an investor to invest a fixed amount in weekly, monthly, or quarterly intervals.

This is where the SIP Calculator for Mutual Funds comes in effect. This online calculator helps you stay updated by providing estimated values of your mutual fund investment returns.  

This calculator, however, does not take into effect the exit load and expense ratio (if any). Thus, it yields "estimated" values. 

This calculator requires information for certain variables: 

Further, SIP Investments factor in compounding. In simple words, it means that the initial interest is added to the base amount. In the next cycle, the interest is added to this (new) increased base, yielding greater returns. 

A great advantage of using such calculators is that they include the compounding element in their calculations. 

When you enter the value for these variables and hit submit, the calculator immediately flashes your total investments so far and expected returns upon maturity.  

As an ordinary person, using investment tools on the internet can be a challenge. However, the calculator is pretty simple in its operation. 

All you're required to do is open the website of your investment platform, follow the path to access the SIP calculator, punch in the required values, and that's it.

Your screen will flash the value of your expected returns. 

If you intend to embark on the route of financial discipline, SIP is the way to go. 

With the value of Mutual Funds Assets Under Management (AUM) marking at a whooping Rs 3.4 lakh crore (August 2020), we know that the industry holds tremendous potential. 

Since the SIP route does not depend on the market index and volatility, it is essential to keep a tab on the returns on your fixed investment. 

More so, you would be trusting your money with a professional. While you are assured by their expertise and working acumen, it's always a plus to stay in the loop to prevent unforeseen 'shocks'. 

This way, you are protecting yourself from challenges that otherwise have the potential to overpower your finances. 

You don't need to be a full-time investor to clear the eligibility criteria for accessing this calculator. If you invest your money into a SIP Mutual Fund, you have access to your estimated statements. 

This leads to the next question: Is this valid for new investors exclusively? 

The answer is NO. Say you have been investing in SIP Mutual Funds for 10 years. This SIP Calculator will work equally well for you as for a new investor. 

The calculator helps you gain detailed insights into your overall wealth earned so far, along with the expected wealth upon maturity. 

Let's take an example to understand how the SIP Calculator arrives at the numbers.

Running The Numbers On The SIP Calculator: An Example

Let's assume you are a fresh investor eyeing for SIP Mutual Funds Investments. You want to make a Rs 2,500 monthly investment for the next 12 months, with an expected return of 12%. 

The SIP Calculator uses the following formula to generate results: 

FV = P × ({[1 + i]n – 1} / i) × (1 + i).

Now, your monthly return would be 12%/12 = 1/100 = 0.01 

Hence, the estimated money you are entitled to earn upon maturity is: 

FV = 2500 ({(1 + 0.01)12 - 1} / 0.01) x (1 + 0.01)