# 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

2018 October 24 is a bank holiday in Andaman And Nicobar Island due to Lakshmi Puja/Maharshi Valmiki Jayanthi.
2018 October 27 is a bank holiday in Himachal Pradesh due to Karva Chauth.
2018 October 31 is a bank holiday in Sikkim due to Lhabab Duechen.
2018 November 01 is a bank holiday in Karnataka due to Kannada Rajyostsava/Kut.
2018 November 06 is a bank holiday in Andaman And Nicobar Island due to Diwali Amavasaya (Laxmi Pujan).
2018 November 06 is a bank holiday in Arunachal Pradesh due to Kali Puja/Diwali/Naraka Chaturdashi.