What is an EMI Calculator?
EMI calculator is a type of calculator which helps you calculate your monthly installments for repayment of your loan.
What is an EMI?
EMI stands for Equated Monthly Installment. It is the total amount payable every month until the loan has been fully repaid. EMI consists of a portion of the principal amount and interest due on the loan.
How does an EMI Calculator work?
A loan EMI calculator works on three main criteria – loan amount, tenure and the rate of interest.
Here’s the Formula
E is EMI
P is the Principal Loan Amount
r is the rate of interest calculated on a monthly basis
n is the tenure/duration of the loan
How to use an EMI Calculator?
EMI Calculator is very easy to use. All you need to do is enter the following information:
- The loan amount
- Tenure (in months)
- Rate of Interest
You can move the sliders to your left or right to adjust the value or you can directly type the values.