A Loan EMI Calculator is a digital tool that helps you calculate your Equated Monthly Installment (EMI) for a loan. It’s a simple way to estimate your monthly repayment amount based on the loan amount, interest rate, and loan tenure.
EMI Calculator
Monthly Payment (~EMI) =
Understanding Your Monthly Loan Payment
The Equated Monthly Installment (EMI) for a loan is calculated using a specific formula:
EMI = [P x R x (1+R)^N] / [(1+R)^(N-1)]
This formula considers three key factors:
Principal Amount (P): The initial amount borrowed.
Interest Rate (R): The annual interest rate charged on the loan, divided by 12 to get the monthly rate.
Loan Tenure (N): The total number of monthly installments.
By inputting these values into the formula, you can calculate the fixed monthly payment required to repay the loan, including both principal and interest.
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