Online EMI Calculator :
EMI Calculator :
- Equated Monthly Installment [ EMI ] can be able to calculate the emi amount for month.
- An equated monthly installment (EMI) is the amount that a loan borrower pays every month in order to repay the money borrowed.
- There is a particular date each calendar month by which the EMI should be paid by the borrower.
- This amount has to be paid monthly.
- The interest component of the EMI would be larger during the initial months and gradually reduce with each payment.
- The exact percentage allocated towards payment of the principal depends on the interest rate.
- Even though your monthly EMI payment won’t change, the proportion of principal and interest components will change with time.
- With each successive payment, you’ll pay more towards the principal and less in interest.
- Finally, it is called as EMI Calculator.
EMI Calculation Formula :
- Formula for EMI Calculation is as well as P x R x (1+R)^N / [(1+R)^N-1]
- Where likewise,
- P = Principal loan amount.
- N = Loan tenure in months.
- R = Monthly interest rate.
- R = Annual Rate of interest/12/100.
How to Calculate ?
- Enter the Loan Amount , Interest Rate and Loan Tenure.
- Either use the slide to increase the amount or decrease the amount that you needed.
- When you finally enter the details of the amount and then you will finally get the result.
- Finally the result will be , Total EMI , Total Interest and Total Payments.