EMI Calculator
What is an EMI Calculator?
An Equated Monthly Installment (EMI) calculator is a tool that helps you calculate the monthly amount payable on a loan. It is useful for planning your finances before taking a home, auto, or personal loan.
How it Works
The EMI calculator uses a mathematical formula to determine your monthly payment. You need to provide the loan amount, the annual interest rate, and the loan tenure in years. The calculator will then compute the fixed monthly amount you need to pay towards your loan.
Calculate Your EMI
Your Monthly EMI:
$0.00
Frequently Asked Questions
What is an EMI?
EMI stands for Equated Monthly Installment. It is the fixed payment amount made by a borrower to a lender at a specified date each calendar month.
How is the interest calculated?
The interest on your loan is calculated based on the reducing balance method. This means that with every EMI payment, the outstanding loan amount reduces, and the interest for the next month is calculated on the remaining balance.