The EMI Calculator helps to calculate EMI details with given information.
What is EMI?
EMI is the payment which the borrower makes every month towards loan repayment of the loan. EMI constitutes the principal amount, in addition to the certain amount of interest. An EMI is a fixed monthly payment made by borrowers to lenders. Payments are delivered on a recurring basis every month according to the terms of the contract.
How EMI is Calculated?
EMI = [P x R x (1+R)^N]/[(1+R)^ (N-1)],
EMI is the monthly instalment
P is the principal Amount
R is the rate of interest (the interest rate should be a monthly rate)
N is the tenure of repayment (tenure should be in months)
How to calculate a EMI with our calculator?
Step 1 : Enter the amount that you’re borrowing as a loan in the given loan amount range slider.
Step 2 : Set the interest rate in the given range by using our range slider.
Step 3 : when selecting your repayment plan, you can choose the tenure of the repayments which are months or years.
Step 4: Specify the repayment period of your loan in the given range slider.
Step 5: EMI is calculated with given information and listed with the principal and interest of repayment. It also has the complete list of every month’s EMI details with the balance amount in tabular format.
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