EMI stands for Equated Monthly Installment . An Equated monthly Installment (EMI) is the amount that a loan borrower pays every month in order to repay the money borrowed . Calculating
EMI using the online calculator is easy and you get to know your loan EMI in few seconds . Calculate EMI by using following formula -:
EMI = L * i * [( 1 + i )T] / [( 1 + i )T - 1]
EMI = Equated Monthly Installment
L = Loan Amount
i = Monthly Interest Rate in decimal form
T = Loan Tenure
How to use EMI Loan Calculator?
Step by step procedure for EMI Loan Calculator is as follows.
Step 1: Input appropriate value .
Step 2: Now click on "Compute" button to get result.
You will get Equated Monthly Installment (EMI) as per your value input.