EMI Calculator For Home Loan, Car Loan, Personal Loan in India

Emi Calculator For Home Loan, Car Loan, Personal Loan in India

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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:

EMI Formula

 

 

 

Here, P= Principal loan amount, R= Rate of interest, n= Number of monthly installments, E= Emi

An example:
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

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