Calculating Equated Monthly Installments (EMIs) can be a daunting task, especially when dealing with complex loans such as home loans or car loans. Fortunately, with the help of technology, there are numerous apps available that offer EMI calculation services. In this article, we will review one of the best EMI calculator apps for Android devices. We will explore its features, functionality, and ease of use to help you make an informed decision on which app to choose for your EMI calculations.
We have compiled a list of 5 Best Emi Calculator App For Android for your consideration, which have undergone rigorous testing and evaluation by our team of experts.
5 Best Emi Calculator App For Android
1. EMI Calculator – Finance Tool
The EMI Calculator is a tool designed to calculate the Equated Monthly Installment (EMI) and payment schedules for loans. It is a useful app for effective loan repayment planning, with a range of features relevant to day-to-day financial management.
The app’s main features include the ability to calculate loan amount, EMI amount, interest rate, and period (in months or years). Users can easily compare between two loans and view payment schedules in both table and graphical representations. Additionally, they can generate statistics charts showing principal amount, interest rate, and remaining balance per month, and share computed PDFs with others.
The EMI Calculator also includes an option for calculating taxes with the GST Calculator, as well as features for finding nearby banks, ATMs, and finance places, and currency conversion with live exchange rates. The app is available in 168+ currencies and offers an offline mode.
Users can employ the EMI Calculator for loan, GST, and finance calculations, as well as for comparing loans, generating EMI statistics, finding nearby banks and ATMs, and keeping up with financial news. It is important to note that while this app is a financial tool, it does not provide any loan or lending services and is not affiliated with any NBFC or other finance services.
2. EMI Calculator
The Loan EMI Calculator app is a free and user-friendly application that helps you calculate EMI for different types of loans in India. With colourful charts and instant results, the app is easy to use, intuitive to understand and quick to perform. The app also allows you to check how prepayment can help reduce total interest outgo and reduce loan tenure.
To use the app, you need to download it and enter information such as Principal Loan Amount, Loan Tenure, Rate of Interest, Fees & Charges (optional), EMI Scheme (optional), Start Date (optional), and Extra Payments / Prepayments (optional). Once the information is entered, the app presents a payment summary with a break-up of principal and interest components, payment schedule and chart for the loan details entered. You can share this information via e-mail, SMS or any other messaging app and also share the results to your favourite note taking app.
The app also computes the loan APR (aka IRR) using the fees and charges entered. This is especially useful for loans with 0% EMI schemes where fees and charges are levied (instead of interest) when purchasing mobiles, computers or household items. For more information, visit the EMI Calculator website http://emicalculator.net/.
3. EMI Calculator – Loan Planner/Financial Calculator
The EMI Calculator is a user-friendly and lightweight application designed for loan EMI and mortgage calculations. The tool offers a full payment schedule and allows users to share the chart as a PDF or EXCEL file. Additionally, the application provides a secure lead generation option for all types of loans and credit cards with major banks and NBFC’s accredited by RBI, exclusive to Indian users.
The EMI Calculator comes with various features, including the ability to calculate loan/mortgage EMIs, view amortization charts with payment schedules, share complete EMI charts via email or WhatsApp, and determine loan affordability based on affordable EMI. Users can also compare up to four different sets of loan values at once and share EMI charts by excel in one go.
The tool also includes financial calculator features, such as calculating FD/Fixed Deposit, RD/Recurring Deposit, and SIP/Systematic Investment Plan. Additionally, users can view the latest financial news, market news, and business news and can access the application’s multilingual support, including most of the Indian languages.
The EMI Chart Features of the application allow users to share loan calculations with pie/bar charts and repayment schedules by a PDF document or excel file, including amortization charts/repayment schedules, viewed in Google Sheets, Microsoft Excel, and Numbers Application in Mac. The tool also shows a graphical view of principal and interest amount change according to the tenure. All charts can be shared through various social media apps and saved to local devices.
4. Loan EMI Calculator
Loan EMI Calculator is a free, lightweight, and offline app that can be used by anyone to quickly calculate loan EMIs or loan eligibility. Developed by an underwriter (Credit Manager), the app is intuitive and easy to use. It can be helpful for home buyers, property consultants, property agents, loan agents, banking professionals, vehicle shop owners, financial consultants, financial counselors, Direct Selling Agents or DSA, Credit Managers, Credit Appraisers, Loan Appraisers, and others. The app is useful for calculating EMIs or loan eligibility for SBI, HDFC, ICICI, LIC, RBL, HDFC Bank, AU Small Finance Banks, etc.
The app can calculate EMIs for any type of loan, such as home loans, car loans, personal loans, education loans, and bank loans. Users can also calculate total interest payable and total (principal + interest) payable. Additionally, they can calculate EMI or tenure or loan amount or interest rate by entering other three values. The app also features a loan affordability calculator that calculates the loan affordability based on the affordable EMI. Users can compare two loans side by side with various rates of interest and tenure.
The app also allows users to calculate the effect on Loan EMI on part prepayment of the loan, change in ROI during the tenure, and change in term or tenure. Users can calculate the FOIR or IIR based on Income and Loan EMI to understand the loan eligibility.
5. Loan Calculator
This App provides various calculators that can be used on Android mobile phones and tablets. These calculators include the Basic Loan Calculator, Advanced Loan Calculator, Simple Interest Calculator, and Compound Interest Calculator (Future Value Calculator).
The Loan Calculator offers features such as reverse loan calculations, pre-payments, interest rate changes, loan offset account, repayment holiday period calculations, loan expense tracking, and saved loan calculations.
The Simple and Compound Interest Calculator can calculate positive and negative amounts, simple and compound interest for lump sum deposit/withdraw, regular deposit/withdraw, and both. It also includes various deposit/withdraw frequencies, compounding frequencies, positive or negative interest rate, and displays maturity amount, total amount deposited, and total interest earned. The yearly and monthly reports can be emailed, and the results can be visualized through intuitive graphs and charts.
The user interface features an elegant material design theme, easy to use interface with tabs, basic and advanced calculation modes, and quick calculations with a lightweight app that loads quickly. The app is suitable for people of all countries, requires no prior finance knowledge, and can be used for investments, financial planning, budgeting, accounting, studies, research, and more. However, it should be considered as guidance only, and investors are required to make their own assessment before investing.