Emi Calculator For Home Loan, Car Loan, Personal Loan in India
What is EMI?
EMI Equated Monthly Installment – EMI for short form – is the amount payable every month to the bank or any other financial institution until the loan amount is fully paid off.
Here’s the formula to calculate EMI:
Here, P= Principal loan amount, R= Rate of interest, n= Number of monthly installments, E= Emi
Assuming, P= Rs 3 lakh, R= 15 percent per annum= 15/12= 1.250 per month, N= 60 months
EMI = =((300000*1.250/100*(1+1.250/100)^60/((1+1.250/100)^60-1))) = Rs 7,137