However, to make the best decision, you might need to see the data in many different scenarios. Simplify calculations you must have already noticed that the formula for EMI calculation is extremely complex. The knowledge of all these options of EMI will help you choose the loan that is best suited for you. The EMI calculator can help you in the following ways:Ĭalculate EMI in seconds our EMI calculator will help you calculate the exact EMI you will need to pay for your loan every month.Īssist you in planning your finances It lets you compare various options of EMIs by varying loan criteria of tenure, principal amount, and interest rate. Not only do we automate the calculation, but we also show you graphs that help you understand your EMI better. You can use our EMI calculator to get the same result automatically without any hard work from your side. This looks complicated, doesn't it? Don't worry. N is the loan term/tenure/duration in number of months R is the rate of interest calculated on a monthly basis (i.e., r = Rate of Annual interest/12/100. Towards the last 25% of the EMI, you will pay a lot more principal than interest. As a rule of thumb, you will pay more principal with each subsequent EMI than what you paid in the previous EMI. However, the part of the amount of the EMI that goes towards paying the interest and the principal changes over the tenure of the loan. Equated Monthly Installment (EMI) is the amount that you pay every month to the bank or any other financial institution for a loan that you have taken from that institution.ĮMI comprises two components 1) the interest on the loan, 2) the portion of the principal amount to be repaid.ĮMI is paid monthly, and it is a constant amount for the duration of the loan term.
0 Comments
Leave a Reply. |