You can calculate EMI for home loan, car loan, personal loan, education loan or any other fully amortizing loan using this calculator.Įnter the following information in the EMI Calculator: With colourful charts and instant results, our EMI Calculator is easy to use, intuitive to understand and is quick to perform. Our EMI calculator automates this calculation for you and gives you the result in a split second along with visual charts displaying payment schedule and the break-up of total payment.
The total amount payable will be ₹13,493 * 120 = ₹16,19,220 that includes ₹6,19,220 as interest toward the loan.Ĭomputing EMI for different combinations of principal loan amount, interest rates and loan term using the above EMI formula by hand or MS Excel is time consuming, complex and error prone. i.e., you will have to pay ₹13,493 for 120 months to repay the entire loan amount. (i.e., r = Rate of Annual interest/12/100. R is rate of interest calculated on monthly basis. Even though your monthly EMI payment won't change, the proportion of principal and interest components will change with time. With each successive payment, you'll pay more towards the principal and less in interest. The exact percentage allocated towards payment of the principal depends on the interest rate. The interest component of the EMI would be larger during the initial months and gradually reduce with each payment. The sum of principal amount and interest is divided by the tenure, i.e., number of months, in which the loan has to be repaid. It consists of the interest on loan as well as part of the principal amount to be repaid. For loans above £25,000, the maximum term we offer is 5 years.Equated Monthly Installment - EMI for short - is the amount payable every month to the bank or any other financial institution until the loan amount is fully paid off. Loans for £1,000 to £25,000 have repayment terms of 1 to 7 years. Loans of £300 to £999 are available on 3 to 12 month terms. TSB current account customers could borrow from £300 to £50,000. New customers can apply for loans between £1,000 and £25,000 with terms between 1 and 5 years. Lending is subject to approval, and the rate offered will depend on our assessment of your circumstances. To apply, you must be a UK resident aged 18 or over (21 or over if applying online).
*The calculator rounds payments up/down, so the amount of the monthly repayment may differ slightly (by pence) and the total amount repayable may differ (by up to £8) to the amounts provided during the application.
You can use it to compare the overall cost of credit between different lenders. The representative APR is the Annual Percentage Rate of charge. Please note that your specific rates and repayments may vary, depending on your personal circumstances, as well as the loan amount and term. The online loan calculator results displayed are based on the representative APR for the amount entered.