Calculate Your Loan EMI
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--Monthly EMI:
-
--Total Interest
-
--Total Payment
$
%
Give us your feedback
User Guide
-
Enter Loan Details
Fill in the required fields:- Loan Amount (Principal): The total loan amount you wish to borrow.
- Annual Interest Rate (%): The interest rate provided by the lender.
- Loan Tenure (Years): The duration of the loan in years.
-
Calculate EMI
Click on the "Calculate EMI" button to calculate your monthly installment.
The result will be displayed, showing:- Monthly EMI: The amount you need to pay every month.
- Total Payment: The total amount payable over the entire loan period, including principal and interest.
- Total Interest: The total interest payable over the loan period.
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Review and Plan
Review the calculated EMI to better plan your monthly expenses. You can adjust the loan details and recalculate as needed.
Asked Questions (FAQ)
EMI stands for Equated Monthly Installment. It is the fixed amount you pay every month towards
repaying your loan.
EMI is calculated using the formula:
Where:
EMI = [P x r x (1+r)^n] / [(1+r)^n-1]
Where:
- P = Principal loan amount
- r = Monthly interest rate
- n = Number of monthly installments
Yes, many lenders allow prepayment, which can reduce either your EMI amount or the loan tenure.
However, some lenders may charge a prepayment fee.
A higher interest rate results in a higher EMI, while a lower interest rate reduces your EMI. It
is important to compare interest rates from different lenders before choosing a loan.
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