EMI stands for Equated Monthly Installments and represents the amount of money you have to pay each month in order to repay your loan. EMI remains the same throughout the loan period (assuming the interest rate remains the same and there are no prepayments of the loan). The EMI is applied towards paying off the principal (or loan amount) as well the interest on the loan. EMI is computed based on the loan amount, the interest rate and the loan period.
EMI is an important aspect of your loan search process. You may have a loan amount in mind and would like to determine how much you may have to pay each monthly and whether you can afford it. Or you may have a EMI in mind (based on how much you can afford to pay for your home loan each month) and would like to determine the amount of loan you can get and thereby determine the value of the house you can purchase.
we provide you two search options to satisfy these needs:
- Input a loan amount and get the EMI for each loan option that you are eligible for based on various lender criteria.
- Input an EMI and get the maximum loan amount you are eligible for based on various lender criteria.