FREE Loan EMI Calculator: Manage Your Loan Payments Smartly
What is an EMI?
EMI stands for Equated Monthly Installment, which is a fixed monthly payment made towards loan repayment. It includes both principal and interest components.
How Does the Loan EMI Calculator Work?
The EMI calculator uses this formula:
EMI = [P × r × (1 + r)^n] ÷ [(1 + r)^n – 1]
P = Loan principal
r = Monthly interest rate
n = Loan tenure in months
For instance, a ₹10 lakh loan at 8% annual interest for 20 years will give you an estimated EMI of ₹8,360.