An equated monthly installment (EMI) is what you pay every month towards repayment of your loan. Your Loan EMI depends on the loan amount, the rate of interest and the tenure of the loan. For a given loan amount and interest rate, your EMI can be lower if you increase the loan tenure. Check out our Loan EMI Calculator below to find out by how much you can reduce your present EMI by increasing the loan tenure. Of course, keep in mind that banks will allow you to increase the tenure only up to your retirement age.
Your EMI comprises an interest component and a principal component. Use the EMI calculator below to find out how much EMI you would have to pay on your loan - and how much of the total repayments will contribute to interest and how much to principal.
Note: All calculators and comparators are made based on certain assumptions which may not be true in your case. You should consult your personal financial advisor before taking any decision. Apnaloan and The Indian Express online disclaims any responsibility for any decision taken based on these calculators and comparators.