How EMI Calculator Works
You can calculate your EMI with the help of the EMI Calculator. All you have to do is to input details like Tenure, Principal, and Interest rate to get your EMI.
The loan amount borrowed. You should enter the loan amount you borrowed in the space provided for Principal.
Rate of Interest
The borrower lends the loan amount at a rate of interest. You should compare interest rates offered by different lenders for a particular type of loan before you apply for it.
The time given to repay the loan amount that you borrowed is referred to as tenure. Loan Tenure depends on the type of loan that you avail and the borrower.
What is an EMI?
An Equated Monthly Instalment, or EMI, is a bundled payment of interest on outstanding loan and repayment of part of the principal so that the same amount is paid every month for the three-year period. Your EMI will work out to about Rs 16,000 a month for three years. The beauty is the major portion of the Rs 16,000 will be interest in month 1, while in month 36, the major portion will be principal.
What are the advantages of EMI?
What is Loan EMI Calculator?
EMI calculator is a tool that can calculate your monthly EMIs. With it you can quickly figure out your monthly instalments and plan your budget accordingly. Calculating your EMIs manually is cumbersome and complicated, while an EMI calculator can determine your EMIs within a few seconds.
While applying for a loan, you can use this EMI calculator to keep in mind the monthly payment you can afford to make as it gives a clear breakdown of your repayment schedule.
In the case of loans with floating interest rates, EMIs will vary. Fincover’s online EMI Calculator will help you calculate your EMIs for Personal Loan, Car Loan, and Home Loan with different tenures so that you can choose the most appropriate loan.
Formula for calculating the EMI
It's the formula used by the EMI Loan Calculator to give you your EMIs in a matter of seconds.
- EMI = [P x R x (1+R) ^N]/[(1+R) ^N-1]
- P = Principal Loan amount
- R = Rate of Interest
- N = Loan Tenure
With this formula, the EMI Loan Calculator gives you your EMIs in a matter of seconds.