EMI(Equated Monthly Installment) calculator is a financial tool that helps users estimate the monthly installment amount they need to pay towards a loan. It is commonly used for loans like home loans, car loans, personal loans, and other installment-based financing. The EMI calculator takes into account the loan amount, interest rate, and tenure (the period for which the loan is taken) to provide the borrower with the fixed monthly installment amount.
EMI = [P x Rx (1+R) ^N]/ [(1+R) ^ (N-1)]
Where –
P =Principal amount
R = Rate of interest
N = Loan tenure
For Example: Person Y is looking for a personal loan of ₹15, 00,000 with a repayment period of 4 years (48 months) at aninterest rate of 10% per annum.
Where:
EMI = [P x Rx (1+R) ^N]/ [(1+R) ^ (N-1)]
EMI= [15,00,000 x 0.01 x (1+0.01)^4] / [(1 + 0.01)^4]
Total Principal: ₹15, 00,000
Total Interest Payable: ₹4, 15,222
Total Amount Payable: ₹19, 15,222
So, Person Y would pay an EMI of ₹37,152 per month for 48 months, resulting in a total repayment of ₹19, 15,222, including ₹4, 15,222 as interest.
Home Loan EMI Calculator: A Home Loan EMI (Equated Monthly Installment) calculator is designed specifically for calculating the monthly installment amount for a home loan. Essential for homebuyers, this calculator estimates monthly mortgage payments based on property value, down payment, loan amount, interest rate, and tenure, aiding accurate financial planning.
Car Loan EMI Calculator: Designed for car loans, this tool helps you figure out your monthly payment. It considers the total car cost, loan amount, interest rate, and repayment period, making it easier for potential car buyers to budget effectively and assess financial feasibility.
Personal Loan EMI Calculator: Personal loans are common for things like vacations or home renovations. Our easy-to-use personal loan EMI calculator can quickly estimate your monthly payments. Explore related content for tips on managing loan payments, comparing offers, and understanding the benefits and risks of personal loans.
Education Loan EMI Calculator: Education costs are rising, especially for higher studies. If you're planning to fund your child's education, you might need a loan. Our EMI calculator can help you figure out how much you'll need to pay each month, and most education loans have a grace period before repayment starts.
