## Online EMI Calculator

Calculate your monthly EMI, total interest, and total payable amount for your home loan, car loan, and personal loan

### Loan EMI

₹

### Total Interest Payable

₹

### Total Payment

₹

### Payment Details Breakdown

## **What is an EMI Calculator?**

Equated Monthly Installment, or EMI, is an automatic process that assists the needy person in calculating his monthly installments, regardless of the type of loans. An EMI calculator is an online tool that helps you to work out EMI easily.

Assuming you are willing to make an EMI purchase, it would be prudent to determine your monthly payment amount before applying for a loan in order to lessen your financial burden. Thus, using an EMI calculator enables you to assess the precise EMI scenario.

## **How Do You Calculate EMI?**

The EMI can be determined using the following formula, which is universal:

P x R x (1+r) ^n/ {(1+r) ^ (n-1)

- P= principal or Loan amount, R= rate of interest.
- R= rate of interest
- N= tenure of loan in months

1000 x 5 x (1+5) ^12/(1+5)^12 (12-1)

= 86 (EMI)

Therefore, we come to the conclusion that if we use the time-honored method of working with pen and paper and begin the process of solving the EMI using that formula, it will be impossible for anyone but a mathematical prodigy to determine the amount of the EMI. In this respect, the EMI calculators available online steal the show.

To use those calculators, you don't need to be a tech whiz, as they are incredibly user-friendly and do not produce any errors. Simply enter the numbers, and the answer will appear on your screen.