EMI Calculator
An EMI (Equated Monthly Installment) Calculator is a financial tool that helps you calculate the fixed monthly payment required to repay a loan over a specified period. It is used for various types of loans, such as home loans, car loans, personal loans, and education loans.
0 months
| Month | EMI | Principal | Interest | Balance |
|---|---|---|---|---|
How It Works
1. User Input Form
- Select Loan Amount (₹), Interest Rate (%), and Loan Tenure (Years).
- Click “Calculate EMI”.
2. EMI Calculation
Uses the EMI formula:
Where:
- P = Loan Amount
- r = Monthly Interest Rate (Annual Rate ÷ 12 ÷ 100)
- n = Loan Duration (in months)
3. Results Table
- Displays Monthly EMI, Total Interest, and Total Payment.
Example Calculation
Scenario
- Loan Amount: ₹10,00,000
- Annual Interest Rate: 8%
- Loan Tenure: 5 years
Formula Calculation
Output
| EMI | Total Interest | Total Payment |
|---|---|---|
| ₹20,276.50 | ₹2,16,590 | ₹12,16,590 |
Benefits of an EMI Calculator
Quick & Accurate: Eliminates manual calculations.
Loan Planning: Helps you decide the loan amount and tenure.
Comparison Tool: Allows comparing different interest rates.
Budgeting: Ensures financial planning without overburdening expenses.
