EMI Calculator

EMI :

0 INR

Total Interest Payable :

0 INR

Total of Payments (Principal + Interest) :

0 INR

Formula:

The formula for calculating EMI is

[P x R x (1+R)^N]/[(1+R)^N-1]
  • Here P is the loan amount or Principal
  • R is the rate of interest per month. [if the rate of interest per annum is 11%, the per month rate would be 11/(12 x 100)]
  • N is the number of installments.

Example:

Let the loan amount be Rs. 5,00,000, rate of interest be 10%, and tenure duration be 10 years (120 months).

P= 5,00,000, R= 10/(12X100)= 0.0083, and N= 120

So, EMI = [5,00,000 X 0.0083 X(1+0.0083)120]/[(1+0.0083)120-1]

EMI= [5,00,000 X 0.0083 X 2.696] / [2.674]

EMI= Rs. 4184.14