EMI Calculator

This calculator helps you determine the Equated Monthly Installment (EMI) for a given loan amount, interest rate, and tenure. Suitable for home, car, and personal loans.

EMI Calculator

Results

Monthly EMI: ₹0

Data Source and Methodology

All calculations are based on the standard EMI formula used in the financial industry.

The Formula Explained

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

Where P is the principal amount, R is the monthly interest rate, and N is the number of payments.

Glossary of Terms

Principal (P): The original sum of money borrowed.
Interest Rate (R): The percentage of the principal charged as interest.
Tenure (N): The period over which the loan is to be repaid, in months.
EMI: Equated Monthly Installment.

Frequently Asked Questions (FAQ)

What is EMI?

EMI stands for Equated Monthly Installment, which is a fixed payment amount made by a borrower to a lender at a specified date each calendar month.

How is EMI calculated?

EMI is calculated using the formula mentioned above, which considers the principal amount, interest rate, and tenure.

Tool developed by Ugo Candido. Content reviewed by the CalcDomain Expert Team. Last reviewed for accuracy on: October 15, 2023.