Loan EMI
\u20b9 1,24,797
Total Interest Payable
\u20b9 34,90,279
Total of Payments
(Principal + Interest)
\u20b9 59,90,279
What is an EMI Calculator?
An EMI (Equated Monthly Installment) Calculator is a financial tool used to calculate the monthly amount that a borrower must pay to the lender to repay a loan over a specified period. It helps in planning the loan payment according to the borrower's budget.
How Does an EMI Calculator Work?
The EMI Calculator computes the monthly payment using the following formula:
EMI = [P x r x (1+r)^n] / [(1+r)^n-1]
- P - Principal amount (the amount borrowed)
- r - Monthly interest rate (annual interest rate divided by 12 months and converted to a decimal)
- n - Tenure (total number of monthly installments or loan term in months)
To calculate an EMI, input the loan amount, the annual interest rate, and the tenure (in months or years) into the calculator. The calculator then uses the formula to compute the monthly EMI.