Total Payment (Principle + Interest)
An Equated Monthly Instalment (EMI) is a fixed monthly payment, part of the equally divided repayments, used to clear off your outstanding loan. Your personal loan EMI depends on the loan principal, the rate of interest, and the loan tenor.
An EMI calculator is an online tool that takes your principal, rate of interest, and tenor into consideration to calculate your EMI.
An EMI calculator uses a simple formula to determine your EMI. The formula used is:
E = P * r * (1+r)^n / ((1+r)^n-1)
where E is EMI, P is the principal loan amount, r is the rate of interest calculated on a monthly basis, and n is the tenor/duration of the loan.
An EMI calculator is very easy to use. All you need to do is enter the following information: The loan amount, tenor (in months), and rate of interest. The calculator will use the information provided by you, run it against the EMI calculation formula, and inform you of the EMI amount you will have to pay every month.
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