Loan EMI Calculator
An EMI or Equated Monthly Installment, is a fixed payment amount made by a borrower to a lender at a specified date each calendar month.
EMIs are used to pay off both interest and principal each month, so that over a specified number of years, the loan is fully paid off along with interest.
EMI Calculator
Result:
Loan Amount:  0 
Loan Tenure:  0 
Interest rate %:  0 
EMI  0 
Total EMI Paid  0 
Total Interest Paid  0 
Split up of Interest and Loan:
At the early periods of the loan term, a huge portion of the EMI is paid to the interest payment. Only fewer percentage of EMI is paid off against Principal.
As the loan term nears the end, a higher percentage of the EMI go towards the principal and fewer percentage of EMI go towards interest.
An EMI is always debited on a constant agreed date of every month.
Borrowers can pay their EMIs through different ways such as postdated cheques or by giving auto debit instructions to your respective bank.
Advantages of EMI
 EMI is an easy way to consumers to buy expensive things like House, Auto and other expensive utilities without having the entire capital amount in hand.
 The borrower can pay the loan in monthly installments, so called EMI.
 The installment and tenure can be decided by the borrower as per his or her convenience and agreed by the lending bank.
Disadvantages of EMI
 The borrowers have to pay the EMIs for the entire loan tenure or until they are done with the principal amount and the applicable interest rate.
 If the borrower misses to pay EMI, then the banks can charge for late fees.
 The borrower has to pay extra amount than the actual borrowed amount in form of interest rate.
How to use this EMI Calculator?
 Loan Amount: Enter the loan amount you wish to borrow from the bank.
 Loan Tenure: Enter the number of years you wish to take to repay the loan.
 Interest Rate: Enter the loan interest rate offered by the bank. This will vary based on the bank you wish to apply for the loan.
EMI Calculation Formula:

This EMI calculator using the below formula in order to calculate the EMI.
 E = resulting EMI
 P = is the total borrowing amount (Principal)
 R = is the interest rate, on monthly basis
 n = is the loan tenure, in terms of months