# Loan EMI Calculator

EMI (Equated Monthly Instalment) calculator guides you to get quick quote on your EMIs. Calculate your home loan EMIs, Car loan EMIs, Personal loan EMIs and Education loan EMIs. It is simple and done using a simple formula. Data required to perform this calculation is the loan amount. Follow the below given steps:

1. Enter the loan amount you wish to avail in the EMI calculator.
2. Enter the loan tenure (months).
3. Enter rate of interest (reducing).

EMI calculator will tell you just how much your EMI amount comes to. Along with your EMI you also get:

1. Monthly EMI.
2. Total Interest.
3. Payable Amount.
4. Interest Percentage.

## How EMI Calculators Work

The mathematical formula for calculating EMIs is:

#### EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

where :
P stands for the loan amount or principal
R is the interest rate per month [if the interest rate per annum is 11%, then the rate of interest will be 11/(12 x 100)]
N is the number of monthly instalments.

### Upcoming Bank Holidays

2019 April 27 is a bank holiday in Andaman And Nicobar Island due to 4th Saturday Bank Holiday.
2019 May 01 is a bank holiday in Andhra Pradesh due to May Day / Labour Day.
2019 May 01 is a bank holiday in Maharashtra due to Maharashtra Din.
2019 May 07 is a bank holiday in West Bengal due to Rabindranath Tagore Jayanti.
2019 May 11 is a bank holiday in Andaman And Nicobar Island due to 2nd Saturday Bank Holiday.
2019 May 16 is a bank holiday in Sikkim due to Sate Day.

### Highest FD Interest Rates

Bank NameTenureInterest(p.a.)
Esaf Small Finance Bank 12 Months8.75%
Suryoday Small Finance Bank12 Months8.50%
Utkarsh Small Finance Bank12 Months8.50%
Equitas Small Finance Bank 12 Months8.50%
North East Small Finance Bank 12 Months8.50%
Ujjivan Small Finance Bank 12 Months8.30%
Indusind Bank12 Months8.00%
Rbl Bank 12 Months8.00%
Fincare Small Finance Bank Ltd12 Months8.00%
The Nainital Bank 12 Months7.90%

### Senior Citizen FD Interest Rates

Bank NameTenureInterest(p.a.)
Esaf Small Finance Bank 12 Months8.75%
Suryoday Small Finance Bank12 Months8.50%
Utkarsh Small Finance Bank12 Months8.50%
Equitas Small Finance Bank 12 Months8.50%
North East Small Finance Bank 12 Months8.50%
Ujjivan Small Finance Bank 12 Months8.30%
Indusind Bank12 Months8.00%
Rbl Bank 12 Months8.00%
Fincare Small Finance Bank Ltd12 Months8.00%
The Nainital Bank 12 Months7.90%

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