About Loan EMI Calculator

The prerequisite to borrowing any type of loan, secured, or unsecured, is to find out the EMI payable and interest liabilities against it. An EMI calculator is the perfect tool to compute the required values. Available on lending institutions' official portals and on third-party websites, such calculators derive equated monthly instalments by using just three sets of information.

How to calculate EMIs with an online EMI calculator?

Follow these steps to calculate EMI using an online EMI calculator:

• Enter your preferred loan amount..
• Input the interest rate offered.
• Specify the loan tenure in months or years.

The calculator will compute your EMIs within a few seconds. The online EMI calculator also shows the breakdown of the principal and interest amounts while calculating the EMI and the total cost of borrowing.

Formula to calculate EMI amount

EMI [P x R x (1+R)^N]/[(1+R)^N-1]

Where :

P = Principal loan amount,

r = Monthly interest rate (annual rate divided by 12).

n Total number of payments (loan tenure in months).