GrowMudra EMI Calculator assists in calculation of the loan instalmenti.e. EMI towards your home, car or personal loan. It acts as a financial planning tool & is super easy to use, helps you to plan EMI for your home, car or personal loans.
EMI stands for Equated Monthly Instalment. It includes repayment of the principal amount and payment of the interest on the outstanding amount of your loan or mortgage. The longer the loan tenure (for a maximum period of 30 years), the lower the EMI which helps in reducing the financial burden on an individual.
P = Principal loan amount
N = Loan tenure in months
R = Monthly interest rate
The rate of interest (R) on your loan is calculated per month.
R = Annual Rate of interest/12/100
For example, if rate of interest is 6.9% p.a. then r = 6.9/12/100 = 0.006
If a person avails a loan of ₹10,00,000 at an annual interest rate of 6.9% for a tenure of 120 months (10 years), then his EMI will be calculated as under:
EMI= ₹10,00,000 * 0.006 * (1 + 0.006)120 / ((1 + 0.006)120 - 1) = ₹11,559.
The total amount payable will be ₹11,559 * 120 = ₹13,87,080. Principal loan amount is ₹10,00,000 and the Interest amount will be ₹3,87,080
Calculating the EMI manually using the formula can be tedious.
GrowMudra’s EMI Calculator can help you calculate your loan EMI with ease.
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