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EMI Calculator - Calculate Monthly Installment (EMI) for your loan with Online EMI Calculator. EMI Calculator helps you to calculate yearly & monthly installment amount of your loan.
What is EMI?
EMI (Equated Monthly Installment) is the fixed amount a borrower pays to the lender every month to repay the loan over a specified tenure. Each EMI consists of:
1) Principal Amount: A portion of the loan amount.
2) Interest: The interest charged on the remaining loan balance.
How Does a Loan EMI Calculator Work?
A loan EMI calculator uses a standard formula to compute EMI:
EMI=P×R×(1+R)N(1+R)N−1
EMI=(1+R)N−1P×R×(1+R)N
Where:
P = Loan amount (Principal)
R = Monthly interest rate (Annual Rate of Interest ÷ 12 ÷ 100)
N = Loan tenure in months
Steps:
1) Input the Loan Amount (Principal): The amount you plan to borrow.
2) Enter the Interest Rate: Annual interest rate offered by the lender.
3) Specify the Loan Tenure: The repayment period in months or years.
The calculator quickly computes the EMI, helping users understand how much they need to pay monthly.
Benefits of Using a Loan EMI Calculator:
Time-Saving: Instantly calculates the EMI without manual effort.
Accurate Results: Eliminates errors associated with manual calculations.
Budget Planning: Helps borrowers assess affordability and manage monthly budgets effectively.
Loan Comparison: Allows easy comparison of EMIs for loans from different lenders, helping choose the best deal.
Transparency: Shows the breakup of principal and interest amounts in the EMI schedule.
Features of Advanced EMI Calculators:
Modern EMI calculators offer more features, such as:
1) Amortization Schedules: Breaks down EMIs into principal and interest components over time.
2) Prepayment Calculations: Shows the impact of early repayments on loan tenure and total interest.
3) Adjustable Parameters: Allows users to vary interest rates or tenures to see how it affects EMIs.