Depending on the loan type you select, there are different kinds of EMI calculators. On Hisabkitab, you can utilize several EMI calculators for different types of loans based on your needs. You can use Hisabkitab calculator for Home loan, Personal loan, Business loan etc

An interest-free payment plan called a no-cost extended minimum installment (EMI) enables you to pay for goods or services in easy monthly payments. This indicates that there are no further costs involved—you are only paying the product's full price.

The EMI amount displayed on an online EMI calculator, such as the one provided by Hisabkitab's website, is typically an estimation derived from factors like the loan amount, interest rate, and repayment period you input. However, the actual EMI payment to your bank might slightly differ due to additional costs like processing fees or fluctuating interest rates. While the calculator serves as a helpful tool for estimating your monthly payments, it's advisable to verify the precise EMI amount with your bank

The principal and interest are the two parts of an EMI. The principle is deducted from the loan amount you have been approved for. Additionally, as a cost of granting the loan, the interest is paid to the lender.

The Credit Information Bureau (India) Limited (CIBIL) is the most popular of the four credit information companies licensed by Reserve Bank of India. There are three other companies also licensed by the RBI to function as credit information companies. They are Experian, Equifax and Highmark.

The following is the straightforward mathematical formula to determine EMI:
monthly installment that is equal to p × r × (1 + r)/((1 + r)^n - 1)
where
P stands for the principle amount of the loan.
R is the interest rate that the lender is charging, and
n is the number of months that make up the loan's duration.

Eg,

Let's say you want to build a house and have obtained a loan of Rs 10 lakh. An unsecured loan with a 7.2% yearly interest rate for ten years has been made available by the lending institution.
The monthly loan payments will be as follows, calculated using the formula:
P * R * (1+R)^N / [(1+R)^N-1] where
Ten years, or 120 months, make up N.
R equals 7.2%, or 7.2/12/100, or 0.006.
Amount of Interest (EMI) = Rs 10,00,000 * 0.006 * (1 + 0.006)120 / ((1 + 0.006)120 – 1) = Rs 11,714.

A fixed interest rate remains consistent over the loan period, ensuring your monthly payments remain unchanged. Conversely, a floating interest rate is subject to market fluctuations, impacting your monthly payments. Fixed rates provide stability, whereas floating rates can vary, resulting in potential changes in payment amounts over time.

Hisabkitab's EMI calculator is a specialized tool on website designed specifically for calculating loan EMIs, offering convenience and user-friendly interface. In contrast, Excel calculators require manual input of formulas and data, offering flexibility but requiring more effort and expertise to set up and use.

GST = Taxable Value*GST Rate

Failing to EMI leads to decrease in the Credit score to around 50-70 points which decreases the credit worthiness of the borrower and even penalties are levied that may be around 1-2% of the EMI.

Equated Monthly Instalments (EMI) does not  change over the course of the agreement. Certain lenders provide loans with a fixed interest rate for the first few years of the loan term, thereafter a floating interest rate.