Before you apply for any type of loan, the first thing that you are curious about is the amount payable every month. Having a first-hand knowledge about the amount that you have to spend every month on your car loan, personal loan, home loan or any other loan gives you the much needed relief. EMI Calculator makes the calculations of monthly instalments easy for you with a simple formula.
We understand that not everybody loves Maths. This is why we have an EMI Calculator that is super easy to use and shows the amount you need to shell out every month on your loan. Estimate the monthly instalments on your loan using an EMI Calculator by simply entering details like your loan amount, interest rate and loan term.
An EMI Calculator is a very useful tool that is simple to use. It calculates the EMIs on your loan using details such as your loan amount, loan tenure and interest rate.
See how an EMI Calculator simplifies the maths behind calculating your loan EMI.
The arithmetic formula for calculating your loan EMI is:
E = [P x R x (1+R)^N)]/ [(1+R)^N-1]
- E denotes EMI
- P stands for Principal Loan Amount
- R is Interest rate calculated on monthly basis
- N signifies the loan duration in months