EMI CALCULATOR
Monthly EMI: 0
Total Interest Paid: 0
Total Amount Paid: 0
EMI Calculator
An EMI (Equated Monthly Installment) calculator is a financial tool used to estimate the monthly payments you need to make while repaying a loan. It helps you calculate the EMI amount based on factors like the loan amount, interest rate, and loan tenure (duration).
How Does an EMI Calculator Work?
The EMI calculation is based on this formula:
EMI=P×R×(1+R) N/ (1+R) N−1
Where:
EMI = Equated Monthly Installment
P = Principal Loan Amount (the amount borrowed)
R = Monthly Interest Rate (Annual Rate ÷ 12 ÷ 100)
N = Loan Tenure (in months)
How to Use an EMI Calculator:
Enter Loan Amount:
Input the total amount you want to borrow.
Enter Interest Rate:
Provide the annual interest rate offered by the lender.
Enter Loan Tenure:
Select the repayment duration in months or years.
Click "Calculate":
The calculator will instantly display your EMI, total payment (principal + interest), and total interest payable.
Benefits of Using an EMI Calculator:
Quick & Accurate Calculation:
Saves time and reduces errors in manual calculation.
Financial Planning:
Helps you plan your monthly budget and understand your loan repayment structure.
Comparison Tool:
Allows you to compare different loan offers and choose the best one.
Customizable:
You can try various combinations of principal, interest rate, and tenure to find a suitable EMI.
