Loan Calculator

EMI Calculator

EMI = \frac{P \times R \times {((1 + R))}^{N}}{{((1 + R))}^{N} - 1}

Monthly Payment (~EMI) =

Principal Loan Amount ₹ Annual Interest Rate % No. of Years to Pay

Understanding Your Monthly Loan Payment

The Equated Monthly Installment (EMI) for a loan is calculated using a specific formula:
EMI = [P x R x (1+R)^N] / [(1+R)^(N-1)]
This formula considers three key factors:
Principal Amount (P): The initial amount borrowed.
Interest Rate (R): The annual interest rate charged on the loan, divided by 12 to get the monthly rate.
Loan Tenure (N): The total number of monthly installments.
By inputting these values into the formula, you can calculate the fixed monthly payment required to repay the loan, including both principal and interest.