Question 1

What is a Loan Simulator or EMI Calculator?

Accepted Answer

A loan simulator, commonly known as an EMI (Equated Monthly Installment) calculator, is a financial tool that calculates your monthly loan payments. By entering the loan amount, interest rate, and tenure, you can see your monthly installment and a detailed breakdown of principal and interest payments over the loan's lifetime. It helps you assess affordability and compare different loan offers.

Question 2

How does the loan simulator work?

Accepted Answer

Our loan simulator first calculates your basic EMI based on your loan amount, interest rate, and tenure. Beyond that, it allows you to model real-world scenarios by adding events like making extra payments (part-payments), simulating future interest rate changes, or increasing your EMI. The tool shows the cumulative impact of these actions, helping you discover the fastest and cheapest way to become loan-free.

Question 3

Why should I use a loan simulator?

Accepted Answer

Using a loan simulator is crucial for smart financial planning. It allows you to: 1. Assess Affordability: Check if the EMI fits your budget. 2. Compare Loan Offers: Easily see the real cost difference between lenders. 3. Plan Repayments: Understand the total interest cost and how prepayments can save you money. 4. Experiment Safely: Explore different scenarios for free, with no commitment or impact on your credit score.

Question 4

Can this be used as a home loan calculator?

Accepted Answer

Yes, absolutely. This tool functions as a comprehensive home loan calculator. You can calculate your EMI for a housing loan, view the full amortization schedule, and simulate how prepayments can significantly reduce your total interest and tenure, a common strategy for home loan borrowers.

Question 5

What makes this the best EMI calculator for India?

Accepted Answer

This tool is more than just a standard EMI calculator; it's a complete loan expert designed for India. It handles various Indian loan types (Home, Car, Gold Loan), uses INR (₹) for all financial calculations, and provides advanced features like a loan simulator and portfolio summary, making it one of the best and most comprehensive calculators available.

Question 6

What's unique about your Gold Loan calculator?

Accepted Answer

Our Gold Loan calculator is designed to handle the unique repayment structures specific to gold loans in India. Unlike standard calculators, it allows you to model 'Interest Only' payments (where you pay interest periodically and the principal at the end) and 'Lump Sum' or 'Bullet' repayments (where both principal and interest are paid at the end of the tenure).

Question 7

Can I save my loan calculations and view a summary?

Accepted Answer

Yes. Uniquely, our tool allows you to save your loan scenarios. For guest users, scenarios are saved securely in the browser. By signing in, you can save your scenarios to the cloud and see a full loan summary in your 'My Portfolio' dashboard, which shows your total outstanding balance and combined monthly payments.

Loan Expert

Personal Loan EMI Calculator