EMI Calculator

Questions and Answers on EMI Calculator

1. What do you mean by EMI?

An equated monthly installment (EMI) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. Equated monthly installments are used to pay off both interest and principal each month so that over a specified number of years, the loan is paid off in full.

2. How to calculate EMI through myITreturn portal?

2. Fill all the details as required for EMI calculation.
3. Click on "Calculate".
Here you can see the details of your EMI Calculation.

3. Benefits of EMI Calculator

By using an online EMI calculator, you can easily calculate your EMI (Equal Monthly Installment).
Let's look at the different benefits of the EMI calculator :
1. Convenience
2. Accuracy
3. Fast calculation

4. Types of EMI Calculator

With the help of various online EMI calculators, you can easily calculate your loan EMI.
Let us look at various types of online emi calculator available online in detail : -
1. Home Loan EMI calculator
2. Car Loan EMI calculator
3. Personal Loan EMI calculator
4. Education Loan EMI calculator
5. Loan against property EMI calculator

5. What are the different types of loans in India?

1. Personal loan
2. Home loan
3. Education loan
4. Car loan
5. Credit card loan
6. Two-wheeler loan
8. Gold loan
9. Loan against FD
10. Loan against insurance
11. Loan against mutual funds etc.

6. What is Loan Amortization Schedule?

An amortization schedule is a complete table of periodic loan payments, in which the amount of principal and amount of interest are shown, in which each payment is included unless the loan is paid at the end of its tenure.

7. What is the effect of part payments on EMI?

Part payments on EMI reduce the outstanding loan amount, which helps in reducing the interest amount due. Without changing the EMI post part payment, the contribution of EMI towards principal repayment increases. Therefore the loan gets repaid faster.

8. How does Home Loan EMI payment reduce tax liability?

The maximum deduction that can be availed u/s 80C in a financial year is Rs. 1,50,000 for the principal amount paid on the home loan. As well as the tax benefit on home loan for payment of Interest amount is allowed as a deduction U/s 24. The maximum tax deduction allowed u/s 24 of a self-occupied property is subject to a maximum limit of Rs. 2 Lacs.
You can use u/s 80EE to avail more rebate, if you took a loan between 1st April 2016- 31st March 2017 for your first house.Under this section, you can claim deduction of up to Rs.50,000.