An ELSS calculator is a smart tool that has been designed to help you determine the final value of your investment in an ELSS scheme. Using this tool helps you estimate how much returns on investment you can expect after the end of a period. However, the outcome primarily depends on the inputs you enter into the tool, which would also vary based on the types of ELSS calculator you choose. After all the required details have been added to the tool you choose, you can instantly find the returns on investment and accumulated corpus. This feature helps you understand whether the corpus would meet your specific financial goals or if you need to tweak your investment plan. The tool can further help you plan a more suitable investment strategy based on your requirements. This is why it is crucial to understand how the tool works and the ways in which it can benefit you.
How an Online ELSS Calculator Works?
You should note that an online ELSS calculator typically works on the basics of the futuristic value of a potential investment. The online tool is designed to use inputs that the user feeds into the calculator to determine the maturity value of a certain combination of variables. Also, the tool you would use will come preloaded with a formula to determine the maturity value. While you can use the formula to compute the maturity value of your investment, the process would be timeconsuming and involve several steps of calculation. This online calculator with a preloaded formula will offer you the result quickly and with zero chances of errors. It could make your experience simple and help you avail of the results quickly.
You will find an ELSS calculator using the following formula to compute your investment maturity amount
FV = C(1+r)^t
In this formula,
FV = Future Value
C = Investment
r = expected rate of return
t = time horizon of investment
You can use this formula manually to find the maturity amount. However, the steps would be complex and could increase your chances of making calculation mistakes, which would ultimately give you incorrect outcomes and influence your investment planning.
Types of ELSS Calculator
You will find two types of ELSS calculators that help determine outcomes for specific kinds of investment approaches. For instance,

ELSS SIP Calculator
As you know, a Systematic Investment Plan or SIP is an investment route where you can invest a small amount of money into an investment plan at predetermined intervals over a period of time. ELSS plan will also enable you to park a small portion of money into the scheme at regular periods through SIP.
To compute the returns you accumulate from ELSS SIP you can use an ELSS SIP calculator and the steps could be similar to using an NSC interest calculator. Typically, by sharing these details you can use an ELSS SIP tool and determine your returns on investment –
 Fund Name: The name of the preferred fund in which you want to invest.
 Investment amount: The amount of money you intend to invest in ELSS on a regular basis through SIP.
 Tenure of investment: It is your preferred investment horizon or the time for which you wish to continue investing in the Equity Linked Savings Scheme. You must note that ELSS typically comes with a mandatory lock in 3 years, so it is advised to not confuse the two.

ELSS Lumpsum Calculator
The lump sum method allows you to park a lump sum amount of money at once. Equitylinked savings schemes also allow investors to invest in lump sums. So, if you choose this investment route you can use an ELSS lump sum calculator to determine your returns. You can use the calculator to estimate the maturity amount by entering these details –
 Fund Name: The name of the fund you want to explore as an investment option.
 Investment Value: The lump sum amount you want to accumulate.
 Tenure of Investment: This is the preferred investment horizon for which you wish to continue investing in the scheme.
Once these are entered the calculator can instantly help estimate the maturity amount. However, different tools may require additional input.
Steps to Use Online ELSS SIP Calculator?
To use an online ELSS calculator you first need to determine your investment variables. Ideally, most online ELSS calculators need standard input to estimate maturity value. For instance, most calculators will determine ELSS maturity value using these input –
Monthly contributions: It is the monthly contribution you would pay every month into a suitable ELSS plan. Typically, you will see the contribution begins from Rs. 500/ so based on your preference you can pick a suitable investment amount that suits your budget.
Investment Tenure: It is the investment period for which you plan to invest in ELSS. For this scheme, the minimum investment tenure is 3 years. This makes the scheme the shortest taxsaving investment avenue where you can accumulate a corpus and lower your tax liability.
Interest Rate: ELSS is a marketlinked scheme. However, you can enter an estimated interest rate you want as a return on investment.
Steps to Use Online ELSS Lump Sum Calculator
To use an online SIP lump sum calculator, you would need to enter these details –
 Lumpsum – It is the lump sum amount of money you would be required to invest when you start an ELSS.
 Tenure – It is the time period for which you wish to stay invested in ELSS. However, the minimum tenure to remain invested in ELSS is 3 years.
 Interest rate – Enter the estimated interest rate into the tool that you wish to earn. However, as mentioned ELSS is a marketlinked investment scheme, which means the interest rate would depend on how the market performs. So, the actual rate may vary. Hence, it is suggested to take the current situation into account when entering this variable.
After these details are entered, the screen will display the maturity value.
What are the Benefits of the ELSS Calculator?
When you use the ELSS calculator, you can expect to benefit in these ways –
 ELSS calculator is an online investment tool that you can access and use for free
 The calculator is designed to help determine maturity value within a few seconds after entering variables.
 It will help you eliminate the lengthy manual process of computing maturity amount and help you gain accurate results instantly.
 It comes preloaded with a maturity formula and does not need any technical knowledge or skills. This simplifies the process.
 Since the tool is free and allows multiple adjustments you can use the tool to compare combinations of different variables. This helps to understand which variables would work the best for your investment goals.
 You can use the tool to compare whether SIP or lumpsum investment would be better for your needs and budget or not. This way it can help you tweak your investment planning.
This way an ELSS calculator proves useful in many ways and helps plan taxsaving investments better. By understanding how this tool could help your planning you can maximize its features and streamline your investments.