The Advance EMI Calculator is a refinement of our Loan amount Calculation tool. [Link to Loan amount Calculation Tool] The Loan amount Calculator gives an estimate of the amount of loan you can avail, even before approaching financial institutions for the same. However, when a loan is borrowed, the outflow is not just towards repayment of the loan. Amount to be paid back also includes various charges, fees, penalties and more. In advanced EMI calculation tool, much more information, including various charges & fee that is a part of the amount you are borrowing is considered.
Secondly, most of the lenders hold back some initial amount from you towards repayment, commonly known as Down Payment. This component varies depending on the type of loan you borrow and across lenders. So in this advanced EMI Calculation tool, you will get a better picture of the total amount you have to pay towards your loan.
You have to provide the following inputs for advanced EMI Calculation.
- The amount of loan you wish to avail
- The down payment you are willing to make
- Rate of interest that the financial institution is charging you
- Processing fee that will be charged for sanctioning of the loan
- The number of instalments that you wish to spread your loan across
- The amount of Pre-closure penalty/fee that will be charged, in case you wish to pay off the loan before maturity.