EMI Calculator

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EMI Calculator

Fill in the required fields and know the EMI on your loan EMI (Equated Monthly Installment): The loans get paid though an installment commonly known as – EMI, As the name suggests EMI is an equal amount paid every month for the entire term of the loan for repayment. The mathematical formula for calculating EMIs is :

EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P stands for the loan amount or principal, R is the interest rate per month [if the interest rate per annum is 11%, then the rate of interest will be 11/(12 x 100)], and N is the number of monthly installments.

EMI comprises of two components – Principal & Interest. The break up of these components depends on the tenure of the loan. The higher the loan tenure, the lower is the component of principal paid in each EMI.

EMI Calculator
EMI Calculator
Loan Amount
Repayment in months
Interest Rate
EMI
Interest payable
Total payable