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:
EMI calculator will tell you just how much your EMI amount comes to. Along with your EMI you also get:
The mathematical formula for calculating EMIs is:
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.
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