EMI Calculator

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✖The loan Amount is the original principal on a new loan or principal remaining on an existing loan.ⓘ Loan Amount [Loan Amt]			+10% -10%
✖Interest Rate is the amount charged, expressed as a percentage of the principal, by a lender to a borrower for the use of assets.ⓘ Interest Rate [R%]			+10% -10%
✖Compounding Periods is the number of times compounding will occur during a period.ⓘ Compounding Periods [n]			+10% -10%

✖Equated monthly installment (EMI) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month.ⓘ EMI

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Formula

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EMI

Formula

`"EMI" = "Loan Amt"*"R%"*((1+"R%")^"n"/((1+"R%")^"n"-1))`

Example

`"6000"="1000"*"6"*((1+"6")^"10"/((1+"6")^"10"-1))`

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EMI Solution

STEP 0: Pre-Calculation Summary

Formula Used

EMI = Loan Amount*Interest Rate*((1+Interest Rate)^Compounding Periods/((1+Interest Rate)^Compounding Periods-1))
EMI = Loan Amt*R%*((1+R%)^n/((1+R%)^n-1))
This formula uses 4 Variables

Variables Used

EMI - Equated monthly installment (EMI) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month.
Loan Amount - The loan Amount is the original principal on a new loan or principal remaining on an existing loan.
Interest Rate - Interest Rate is the amount charged, expressed as a percentage of the principal, by a lender to a borrower for the use of assets.
Compounding Periods - Compounding Periods is the number of times compounding will occur during a period.

STEP 1: Convert Input(s) to Base Unit

Loan Amount: 1000 --> No Conversion Required
Interest Rate: 6 --> No Conversion Required
Compounding Periods: 10 --> No Conversion Required

STEP 2: Evaluate Formula

Substituting Input Values in Formula

EMI = Loan Amt*R%*((1+R%)^n/((1+R%)^n-1)) --> 1000*6*((1+6)^10/((1+6)^10-1))

Evaluating ... ...

EMI = 6000.0000212408

STEP 3: Convert Result to Output's Unit

6000.0000212408 --> No Conversion Required

FINAL ANSWER

6000.0000212408 <-- EMI

(Calculation completed in 00.000 seconds)

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Verified by Himanshi Sharma

Bhilai Institute of Technology (BIT), Raipur

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< 3 Loan Calculators

EMI of Car Loan

Go Monthly Payment of Car Loan = Principal Car Loan Amount*(Interest Rate/(12*100))*(1+(Interest Rate/(12*100)))^Months/((1+(Interest Rate/(12*100)))^Months-1)

EMI

Go EMI = Loan Amount*Interest Rate*((1+Interest Rate)^Compounding Periods/((1+Interest Rate)^Compounding Periods-1))

Loan Amount

Go Loan Amount = (Annuity Payment/Interest Rate)*(1-(1/(1+Interest Rate)^Compounding Periods))

EMI Formula

EMI = Loan Amount*Interest Rate*((1+Interest Rate)^Compounding Periods/((1+Interest Rate)^Compounding Periods-1))
EMI = Loan Amt*R%*((1+R%)^n/((1+R%)^n-1))

What is EMI?

EMI or equated monthly instalment, as the name suggests, is one part of the equally divided monthly outgoes to clear off an outstanding loan within a stipulated time frame. The EMI of a loan depends on three factors: 1. Loan amount – This stands for the total amount that has been borrowed the individual. 2. Interest rate – This stands for the rate at which the interest is charged on the amount borrowed. 3. Tenure of loan – This stands for the agreed loan repayment time-frame between the borrower and the lender.

How to Calculate EMI?

EMI calculator uses EMI = Loan Amount*Interest Rate*((1+Interest Rate)^Compounding Periods/((1+Interest Rate)^Compounding Periods-1)) to calculate the EMI, EMI (Equated monthly installment) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMI is denoted by EMI symbol.

How to calculate EMI using this online calculator? To use this online calculator for EMI, enter Loan Amount (Loan Amt), Interest Rate (R%) & Compounding Periods (n) and hit the calculate button. Here is how the EMI calculation can be explained with given input values -> 6000 = 1000*6*((1+6)^10/((1+6)^10-1)).

FAQ

What is EMI?

EMI (Equated monthly installment) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month and is represented as EMI = Loan Amt*R%*((1+R%)^n/((1+R%)^n-1)) or EMI = Loan Amount*Interest Rate*((1+Interest Rate)^Compounding Periods/((1+Interest Rate)^Compounding Periods-1)). The loan Amount is the original principal on a new loan or principal remaining on an existing loan, Interest Rate is the amount charged, expressed as a percentage of the principal, by a lender to a borrower for the use of assets & Compounding Periods is the number of times compounding will occur during a period.

How to calculate EMI?

EMI (Equated monthly installment) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month is calculated using EMI = Loan Amount*Interest Rate*((1+Interest Rate)^Compounding Periods/((1+Interest Rate)^Compounding Periods-1)). To calculate EMI, you need Loan Amount (Loan Amt), Interest Rate (R%) & Compounding Periods (n). With our tool, you need to enter the respective value for Loan Amount, Interest Rate & Compounding Periods and hit the calculate button. You can also select the units (if any) for Input(s) and the Output as well.

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