Loan EMI Calculator In India
Loan EMI Calculator In India
The loan EMI calculator uses for the calculation,
EMI stands for Equated Monthly Instalment for the loan emi calculator in India you avail from your bank. The EMI consists of the principal portion of the loan amount and the interest. Therefore, EMI = principal amount + interest paid on the loan. The EMI, usually, remains fixed for the entire tenure of your loan, and it is to be repaid over the tenure of the loan monthly.
Mathematically, EMI is calculated as under:
P x R x (1+R) ^N / [(1+R) ^N-1]
P = Principal amount of the loan
R = Rate of interest
N = Number of monthly instalments.
To calculate EMI simply click and drag on the respective EMI calculator’s amount, interest rate, and tenure tabs to best adjust them to your needs.
The EMI calculator will automatically project figures applicable for the loan. Once you have an EMI amount you can proceed by clicking on the ‘Apply Now’ button to avail of the loan.
Remember to balance the tenure and interest rate of the loan you want to suit your needs. The right balance between these and the amount will moderate your emi calculator against your repayment structure.
When you partially prepay the loan during the loan tenure and decide not to change your future EMIs, the original loan tenure would reduce, that is you repay your loan sooner.
However, if you decide to reduce your future EMIs since you partially prepay, your loan tenure remains unchanged.
