The EMI (Equated Monthly Instalment) calculator is a tool designed to help you estimate your monthly repayment obligations based on the loan amount and tenure you select.
How It Works:
Formula Used:
For example, if you take a loan of ₹10,00,000 at an annual interest rate of 7.2% for 24 months:
Monthly interest rate = 7.2% ÷ 12 ÷ 100 = 0.006
EMI = ₹10,00,000 × 0.006 × (1 + 0.006)^24 ÷ [(1 + 0.006)^24 - 1]
EMI = ₹44,835 (approx.)
Dynamic Updates: As you adjust the loan amount and tenure using the sliders, the EMI value updates in real-time, helping you find a repayment plan that suits your budget.
How to Use the EMI Calculator on Shiprocket:
EMI calculator is available on the Capital Home page.
Use the slider to select your desired loan amount (₹50,000 to ₹20,00,000).
Adjust the slider for the repayment tenure (1-24 months).
View the dynamic EMI estimate displayed on the screen.
Benefits of Using the EMI Calculator:
Clarity and Transparency: Understand your repayment obligations before committing to the loan.
Financial Planning: Helps you choose a loan amount and tenure that fits your budget.
Convenience: Instant, real-time calculations without needing to use external tools.
If you have further questions about the EMI or calculations, feel free to contact our Shiprocket support team for assistance.