Online EMI Calculator
Calculate Monthly EMI, Total Interest & Total Payable Amount of your Home Loan, Car Loan & Personal Loan
Loan EMI
₹
Total Interest Payable
₹
Total Payment
₹
Payment Details Breakdown
What is an EMI Calculator?
An EMI calculator is an automatic process to help the needy person to calculate his monthly installments, regardless of type of loans. Suppose you are willing to buy something through EMI, now it’s wise enough to calculate how much you have to pay in every month before taking up the loan, to reduce your economic burden. An EMI calculator thus helps you to evaluate exact scenario of EMI structure.
Method of EMI Calculation
The universal formula to calculate the EMI is –
P x R x (1+r) ^n/ {(1+r) ^ (n-1)
- P= principal or Loan amount, R= rate of interest.
- R= rate of interest
- N= tenure of loan in months
100 x 2 x (1+2) ^12/(1+2)^12 (12-1)
= 200 x (3)^12/ (3)^12 (11)
= 18.181818….(EMI)
So we observe that if we go with the conventional process of pen and paper and started solving the EMI with that formula it will require a mathematic genius to calculate the EMI amount. That’s where the online EMI calculators win the show. It’s super easy, it’s flawless and you don’t need to be a tech geek to operate those calculators. Just put the numbers and result is on your screen!
