What is EMI?
An equated monthly instalment (EMI) is a set monthly payment provided by a borrower to a creditor on a set day, each month. EMIs apply to both interest and principal each month, and the loan is paid off in full over some years.
How is EMI calculated?
To calculate EMI, you need to use the following formula.
E = P x r x ( 1 + r )^n / ( ( 1 + r )^n - 1) )
Where r = rate/(12*100) and 'n' in month
How to use EMI Calculator?
To use EMI Calculator
- Enter principal amount
- Enter annual rate of emi
- Enter tenure period involved (t) in
- No need to press equal button. (It is automated)
- The final result you will see EMI to pay or received.
- To Clear calculations press CE button