Loan Amount

₹ 1,00,000

₹ 1,00,00,000

Rate of Intrest (p.a)

1%

30%

Loan Tenure

1 yr

30 yrs

Principal Amount

Total Amount

Principal Amount

1,20,000

Total Amount

1,20,000

Monthly EMI

1,20,000

P x R x (1+R)^N / [(1+R)^N-1] where,

P = Principal amount of the loan

R = Rate of interest

N = Number of monthly instalments.

The aforesaid variables along with the processing fee are needed to determine your EMI.

For example, if you take a loan of Rs 5,00,000 at a rate of interest of 11% p.a. and the tenure of the loan is 7 years, your EMI will be calculated as under (assuming a 1% processing fee):

The formula for EMI calculations can be used as follows:

EMI = 500000* 0.0091 * (1+ 0.0091)^84 = Rs. 8,561 / [(1+ 0.0091)^84 ]-1

The rate of interest (R) on your loan is calculated monthly i.e. (R= Annual rate of interest/12/100). For instance, if R = 11% per annum, then R= 10/12/100 = 0.0091.

Here are a few easy steps to guide you using the calculator:

- Ensure you have all the related data available to you.
- Enter the variables as mentioned in the formula on their designated slots.
- The total Amount and monthly EMI will be displayed instantly.

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