EMI means Equated Monthly Installment which is used for a fixed amount of payment a borrower has to make to the lender on a certain date on monthly basis. The EMIs consist of the both the "principal loan" amount and the amount of "interest" and payable for each month,so that over a number of years the loan is paid off completely.
The main benfit of using this EMI calculator is to know the borrower how much money they will need to pay towards their loan every month,using this calculator you can make the personal budget plan process quickly.This is one of the easiest method to each and every one.Previously everyone used EMI formula to calculate the amount for monthly basics but now the technology developed alot you can just calculate by using this EMI calculator.
How EMI calculator will work :
The EMI is always paid to the bank or lender on a fixed date every month. This could be done through the postdated checks issued in favor of the lender or by providing debit instructions to your bank for the same.
Here’s is the mathematical formula to calculate an EMI:
EMI = [P x I x (1+I)^N]/[(1+I)^N-1]
P =loan amount or Principal
I = Interest rate per month
[To calculate rate per month: if the interest rate per annum is 22%, the per month rate would be 22/(12 x 100)]
N = the number of installments
It is always good to know how much you will get to your monthly installments before applying for a loan so that you can calculate your monthly expenses accordingly. However, not all of us be aware of how the monthly installments are calculated for loans.To calculate your monthly amount by clicking on the link below ...[ https://thebankinfo.com/bank/emi_calculator ]