Loan EMI Calculator
Calculate your loan EMI, total interest, and total payment amount with our easy-to-use calculator.
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💡 Tips
- • Lower interest rates mean lower EMIs
- • Longer tenure reduces EMI but increases total interest
- • Consider making prepayments to reduce interest burden
- • Compare offers from multiple lenders
About Loan EMI Calculator
An EMI (Equated Monthly Installment) calculator is a financial tool that helps you determine the monthly payment amount for a loan. It takes into account the principal amount, interest rate, and loan tenure to calculate your monthly EMI.
How EMI is Calculated?
EMI is calculated using the formula: EMI = [P x R x (1+R)^N] / [(1+R)^N-1], where:
- P = Principal loan amount
- R = Monthly interest rate (Annual rate / 12 / 100)
- N = Number of monthly installments (Years x 12)
Benefits of Using EMI Calculator
- Plan your finances better by knowing exact monthly outgo
- Compare different loan offers easily
- Understand the impact of different tenures on total interest
- Make informed decisions about loan amount and tenure