EMI Calculator for Home Loan, Car Loan & Personal Loan
EMI Full-Form – Equated Monthly Installment – is the cost payable every month to the bank or
What is EMI?
r is rate of interest calculated on monthly basis. (i.e., r = Rate of Annual interest/12/100. If rate of interest is 10.5% per annum, then r = 10.5/12/100=0.00875)
n is loan term / tenure / duration in number of months
For example, if you borrow ₹10,00,000 from the bank at 10.5% annual interest for a period of 10 years (i.e., 120 months), then EMI = ₹10,00,000 * 0.00875 * (1 + 0.00875)120 / ((1 + 0.00875)120 – 1) = ₹13,493. i.e., you will have to pay ₹13,493 for 120 months to repay the entire loan amount. The total amount payable will be ₹13,493 * 120 = ₹16,19,220 that includes ₹6,19,220 as interest toward the loan.
Other Tool – View Here
How to Use EMI Calculator?
With colorful graphs and immediate results, our EMI Calculator is simple to use, easy to understand, and is quick to work. You can calculate EMI for a home loan, car loan, personal loan, education loan, or any other fully amortizing loan using this calculator.
Enter the following information in the EMI Calculator:
- The principal loan amount you wish to avail (rupees)
- Loan term (months or years)
- Rate of interest (percentage)
- EMI in advance OR EMI in arrears (for car loan only)