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“If you want to know the value of money, go and try to borrow some”

– Benjamin Franklin.  


Have you ever been confused by all the loan options and due dates? Are you having difficulty calculating how much that new car or home will really cost you every month? I think we can all relate. Is there a way to make the loan process easier that would make it easy to make wise financial choices? Yes, the loan EMI calculator app development!

The market for financial calculators was estimated to be worth $224 million globally in 2022 and is expected to increase at a CAGR of 10.8% from 2023 to 2032, reaching $615.8 million. So, it’s clear that loan EMI calculator apps are going to be in great demand.

As a result, a lot of new businesses want to develop a loan EMI calculator app. Reading this blog all the way through is a must if you also want to invest in Loan lending tree calculator app development.

So, let’s begin!


Quick Summary: This blog has the simplest step-by-step guide to develop a loan EMI calculator app. It includes its features, cost, and benefits that you must know about.

What is a Loan EMI Calculator App?

A loan EMI calculator app allows users to calculate their monthly EMI by considering the loan amount, interest rate, and repayment term. Users can also see a breakdown of their total interest paid and even schedule a payment in advance. It is one of the best apps for instant loan EMI calculation.


What is a Loan EMI Calculator App


For any type of loan, like a home loan, car loan, a mortgage, and more, the app will notify you about the monthly EMI. This easy loan calculator app also gives you other useful information, like interest rate, loan’s capital, and how much you still owe on it.


Is It Worth Investing In Loan EMI Calculator App Development?


Is It Worth Investing In Loan EMI Calculator App Development

Source: Statista

  • The global banking industry’s net interest income is expected to soar to an astounding $10.34 trillion by 2024.
  • Traditional banks, which are predicted to have a projected market volume of US$8.30 trillion in the same year, dominate the market.
  • The market for financial calculators was estimated to be worth $224 million globally in 2022 and is expected to increase at a CAGR of 10.8% from 2023 to 2032, reaching $615.8 million.
  • About $35 billion were spent on AI in banking industry in 2023, with banking spending the most about $21 billion.
  • As of December 2023, U.S. commercial banks had disbursed almost $2.8 trillion in commercial and industrial loans.
  • It is anticipated that the global Marketplace Lending market will reach a total transaction value of $33.3 billion by 2024.


Let’s look at why you must invest in loan EMI calculator app development after knowing the market statistics:  

● Boost Customer Engagement:

With an EMI calculator app, users can look at different loan choices and compare rates right in the app. It makes users more interested and gives them the power to make better choices.


● Easier Loan Application Process:

By adding the EMI calculator feature to the loan application process, startups can make it easier for users. You can develop a loan EMI calculator app with the help of a web app development services provider. It can speed up the process of getting a loan and converting money.


● Brand Building and Credibility:

A well-made EMI calculator app can make your business look professional and show that it is a good place to get loans. Your intended users will be more likely to trust your business if you do this.


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Types of Loan EMI Calculator Apps

Now that you are aware of the credit or lending market size let’s move forward to the types of loan EMI calculator apps. As you know, there are multiple integration calculator apps that calculate loan EMI, but we have jotted down the most popular ones.


Types of Loan Apps


1. Mortgage Loan Calculator App

The mortgage loan calculator app development focuses on calculating EMIs for home loans. It typically involves a large principal amount and a long repayment period. It helps users plan their finances purposely for a vital purchase.


2. Auto Loan Calculator App

It helps users get car loans, which usually have shorter terms for paying them back than mortgages. With the best car loan calculator app, users get monthly car payments based on the loan time, loan amount, and interest rate.


3. Business Loan Calculator App

When investing in business app development for loan calculation it helps users get loans for businesses only. These business loan apps can be different for each business based on its wants and goals. They help businesses figure out their monthly bills and how that will affect their cash flow.


4. Personal Loan Calculator App

This personal loan calculator app development is made for personal loans and can be used for many things. However, it is vital to know that the personal loan’s foreclosure has no bearing on the user’s credit score. It helps users figure out the flexible loans they will cost each month.


5. Student Loan Calculator App

The education loan calculator app deals with student loans, which often have specific repayment plans and interest rates. It helps users estimate their monthly payments and potentially explore different repayment options.


6. Home Loan Calculator App

It’s probably the best home loan calculator app that helps you figure out your mortgage loan. Both terms are used to figure out EMIs for home loans. So, you can develop a loan lending mobile app that helps users to take out loans to buy a home.


7. Bank Loan Calculator App

This is a more general term for any loan a bank gives out, like personal loans, mortgages, and car loans. There may be bank loan calculator apps or world finance loan calculator apps that are only for loans from a particular bank. There may be other bank loan calculation apps that are more general.


8. Commercial Loan Calculator App     

Like a business loan calculator app, this one might cater to bigger ventures. This commercial loan app helps users buy a specific piece of commercial real estate.


9. Gold Loan Calculator App

This application aids in EMI computation for loans backed by gold. This gold loan app development typically features higher interest rates and shorter terms


Mohit Nag(project manager)

In my role as project manager, I’ve helped create money lending apps that fit clients’ particular requirements. This wasn’t an easy task. My team and I built and tested several prototypes until we settled on a design that met the needs of our target market. I’d like to share some useful things I’ve learned about how to develop a loan EMI calculator app.

Steps To Develop A Loan EMI Calculator App

Are you planning to develop a loan EMI calculator app? Well, developing a loan EMI calculator app might be beneficial for financial enterprises and individuals alike. Let’s have a look at the P2P lending app development process:


Steps To Develop A Loan EMI Calculator App



1. Conduct An Initial Study    

Before you develop a loan EMI calculator app, you need to perform initial research. Try to analyze related apps and the market and poll the intended audience. Also, ask them what features and functions they prefer to have in the loan EMI calculator app.

This will give you an idea of how to make a loan EMI calculator app, the app’s key goals, user traits, and a list of features. This will make it easier for your mobile banking app development team to create an app that will precisely suit your idea—a loan EMI calculator.


2. Choose A Platform & Tech Stack

Before you can start making a loan EMI calculator app, you need to choose which platforms it will work on. It might depend on who is using your app for the calculator. However, if you’re aiming for a broad audience, developing apps that are compatible with both Android and iOS might be a good option.

Whether you want the best loan calculator app for Android or the best loan calculator app for iPhone, you should get assistance from experts. Additionally, to develop a loan EMI calculator app, it is also essential to pick the right technology stack with the help of a loan lending app development company.

The below table depicts the tech stack in case you don’t know much about that.




Frontend React Native, Flutter, Swift, Kotlin
Backend Node.js, Python (Django/Flask), Java (Spring Boot)
Database SQLite, MySQL, PostgreSQL, MongoDB, Firebase
API Integration RESTful APIs, GraphQL, SOAP
Authentication OAuth, JWT
Push Notifications Firebase Cloud Messaging, Apple Push Notification Service
Analytics Google Analytics, Firebase Analytics
Version Control Git, GitHub, Bitbucket
Deployment Google Play Store, Apple App Store, TestFlight, Firebase App Distribution

3. Find A Mobile App Development Team

The next stage is to identify the best mobile app development services provider after deciding on the tech stack and platform. The decision is based on your aims and goals.

Hiring an outsourcing company that can promise results is probably the best option for developing a loan EMI calculator app. This will be a lot cheaper than hiring a whole EMI app development services team, especially for MVP app development.

Before hiring a development team, ensure they have enough expertise in loan app development and that their ratings are honest.


4. Develop An MVP Of Loan EMI Calculator App

MVP lets you test your idea with real people before you spend money on adding lots of features. The MVP development company designed a user-friendly interface with clear input fields for loan amounts.

The output should display the calculated EMI and, ideally, a breakdown of principal and interest paid over time. Add the main formula for EMI calculation as well. You can begin to create a mobile app MVP into a fully-featured app.

If the MVP launch goes successfully and the intended audience enjoys the initial release, the best part is that the money generated by the MVP can be invested to develop a loan EMI calculator app.


5. Test & Launch Loan EMI Calculator App    

Now, finally, the time has come for you to successfully test and release your loan EMI calculator app. Testers make sure the app is bug-free before it is released. It is vital to find and fix any bugs or issues that might make the user experience worse.

The app’s release is not the end of the journey. An equally vital phase follows the launch, during which user feedback is gathered and informed choices are made to improve the loan EMI calculator app.


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Key Features of Loan EMI Calculator App Development

Now you know the loan EMI calculator mobile app development process, knowing its features is also essential. As you know, features are what makes your app successful. So, when you develop a loan EMI calculator app, integrate the crucial features that are mentioned below:


Features of Loan EMI Calculator App Development


● EMI Calculation

This is the app’s main feature. To calculate the EMI, users can enter the loan amount, interest rate, and loan term. This feature is found in the best mobile banking apps.


● Loan Comparison

Users can see two loan choices next to each other and compare them in a loan calculator application. They can use this to find the loan with the lowest EMI or total interest cost.


Expert Advice: Conduct User Interviews and Tests to figure out which features are most interesting to users.


● Amortization Schedule   

It provides users with a full explanation of how the loan’s principal and interest are paid throughout the EMI. The loan amortization calculator app shows precisely what portion of their payment goes toward principal and what portion goes toward interest.


● Graphical Representation

With this feature, the amortization plan is shown visually, like in a bar chart or graph. The hidden calculator app Android may help users see how the loan amount goes down over time.


● Prepayment Calculator

When you develop a loan EMI calculator app, add a prepayment calculator feature that affects their loan balance. Early payments with payment gateway integration can save people money on interest and shorten the length of the loan.


● Loan Profile Management

With this feature, users can save data about their loans and check on their progress over time. This can be useful for users who have more than one loan or who want to get a loan in the future.


● Interest Rate Options

Some EMI calculator apps allow users to choose between fixed and floating interest rates. It may assist users get a more accurate idea of their potential EMI payments.


● NLP For User Queries   

By adding natural language development, users can control the loan calculator app. Users may ask questions by using natural language technology, and it will understand and properly handle their requests.


● Additional Charges  

You can add extra loan costs like processing fees and early payment penalties to some EMI calculator apps. It may assist users to get a better idea of how much their whole loan will cost.


● Currency Converter

Users can change the loan amount and EMI to a different currency when you develop a currency converter app. It helps users who are thinking about getting a loan in a different country.


● Calculate Loan Against Life Insurance

You can add a feature that assists users in calculating their EMI for a loan against life insurance. However, it would be a valuable feature in an insurance app development project. Users can estimate their monthly payments for loans against their life insurance policies.


● Tax Information

When you develop a loan EMI calculator app for Android or iOS, add a tax information feature. This feature helps users figure out their EMI and also tells them about the tax perks of different kinds of loans. It may help users decide what to do about their loans.


What is The Cost To Build A Loan EMI Calculator App?

The cost to develop a mobile app for calculating EMI loans will range between $10,000-$25,000. Depending on variables like the tech stack, features, app complexity, and so forth, it might change.

Apart from this, the price is highly affected by where the development team is located because it is charged by the hour, and the price goes up from Asia to Europe to North America. Let’s look at the table of the banking app development cost to get a better picture.


Factor / Integration

Cost Range ($)

Basic UI/UX Design $1000 – $3000
Frontend Development $2000 – $6000
Backend Development $2000 – $6000
Database Setup $500 – $1500
API Integration $1000 – $3000
Authentication System $500 – $1500
Push Notifications Setup $500 – $1500
Analytics Integration $500 – $1500
Version Control System $200 – $500
Deployment Setup $500 – $1500
Testing and QA $1000 – $3000
Project Management $500 – $1500
Contingency (10-20%) $800 – $5000
Total Cost $8000 – $25000


Based on what the user wants, these costs are just estimates. The actual costs will depend on the functionalities used to create a loan EMI calculator app. However, it is vital to do so if you want to invest in loan management software development.

The development will vary depending on how complex your requirements are. Besides you can also measure the cost with the formula below:


Total Loan EMI Calculator App Development Cost = Developer’s Hourly Rate * Development Time


Now you have a basic idea about the loan EMI app development cost, it is time to get in touch with a fintech app development company. They will develop a loan EMI calculator app that fits your budget.


Develop a Loan EMI Calculator App


How Much Does It Cost To Maintain A Loan EMI Calculator App?

The cost to maintain a loan EMI calculator app will be 15-20% of the initial development cost. You can generally pay around $1000-$5000 on mobile banking app maintenance cost yearly. The below table breakdowns the maintenance cost:


App Maintenance Type


Hosting Charges $70 to $250 Per Month
Bug Fixing and Updates $1000 to $2000
Functional Services $2000 Per Year
API Integration $3000 Per Year
IT Support $1000-$5000 per year


So, if you have a money lending app development, consult with a mobile app maintenance and support services provider about its maintenance cost.


Let’s Make Your Own Loan EMI Calculator App!!

Getting loans is now a whole different scenario. More and more, people are using online apps to calculate their loan EMIs. To keep up with the competition, you should develop a loan EMI calculator app that is simple for users.

Your brand can stand out and serve as a helpful resource for potential borrowers with the assistance of a financial software development company. So, if you have an app idea, share it with us to build a loan EMI calculator app that will take your business to the next level.


Frequently Asked Questions


1. How Much Does It Cost To Develop A Loan EMI Calculator App?

The cost to develop a loan EMI calculator app can vary notably depending on features, complexity and developer location. It can range from $10000-$25000 or more feature-rich apps. To know the actual cost, you can consult with an Android or iPhone app development services provider.


2. How Long Does It Take To Develop A Loan EMI Calculator App?

Development time for a loan EMI calculator app depends on your project complexity. The best small loan app can be built in 2-3 months, while feature-rich apps with multiple loan types might take 4-7 months.


3. What Are the Benefits To Develop A Loan EMI Calculator App?

The benefits of creating a loan EMI calculator app are mentioned below:

  • Empowers users
  • Attracts potential borrowers
  • Boosts financial literacy
  • Improves brand image
  • Potential lead generation

4. How Do You Calculate CD Interest Manually?

When you do it by hand, the annual percentage yield is multiplied by the capital amount to get the yearly interest. This does not take into account growth, which is good for most CDs. You would need to take into account the compounding frequency for a more accurate estimate.


5. How Safe is the Data That the Loan Calculator App Gathers And Uses?

Data security is critical, and the loan calculator app Android or iOS uses strong security to keep user data safe. To stay private financial data safe from people who shouldn’t have access to it, the custom Android app development team uses encryption protocols. It is a strong authentication system with strict data privacy rules.