EMI Calculator

    โœ…What is an EMI?

    A loan is a financial agreement between two parties, a lender and a borrower. Under this agreement, the lender gives a specific amount of money to the borrower with the intent that the amount borrowed is paid back with interest as monthly instalment over a predetermined period of time by the borrower.

    โœ…Calculate Your EMI Using Mathematical Formula

    ๐Ÿ‘‰EMI = [P x R x (1+R)^N]/[(1+R)^ (N-1)],

    In this formula the variables stand for:

    ๐Ÿ‘‰EMI is the equated monthly instalment

    ๐Ÿ‘‰P is the principal or the amount that is borrowed as a loan

    ๐Ÿ‘‰R is the rate of interest that is levied on the loan amount (the interest rate should be a monthly rate)

    ๐Ÿ‘‰N is the tenure of repayment of the loan or the number of monthly instalment that you will pay (tenure should be in months)