Simplify your loan planning with our EMI Calculator. Input your loan amount, interest rate, and tenure to get detailed insights into your monthly payments, total interest, and amortization schedule – created by Mr. Dhananjoy Ghosh.
What is EMI?
EMI (Equated Monthly Installment) is the fixed monthly payment you make to repay a loan, including both principal and interest.
How is EMI calculated?
EMI is calculated using the formula: EMI = [P x R x (1+R)^N] / [(1+R)^N - 1], where P is the loan amount, R is the monthly interest rate, and N is the tenure in months.
What’s an amortization schedule?
It’s a table showing the breakdown of each EMI into principal and interest, along with the remaining balance after each payment.
Can I use this for any loan type?
Yes, this calculator works for home loans, car loans, personal loans, or any fixed-rate loan.
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