Calculate your monthly installments in seconds with our EMI Calculator

What is EMI ?

An EMI calculator is a tool that helps you calculate the monthly installments (EMIs) you need to pay on a loan. It is a useful tool for loan borrowers as it helps them plan their budget and make informed financial decisions.

EMI stands for Equated Monthly Installment. It is a fixed payment amount that a borrower is required to pay to a lender every month, until the loan is fully repaid. The EMI consists of the principal amount (the loan amount) and the interest due on the loan.

In most loan agreements, the borrower is required to pay the EMI on a fixed date every month. The EMI remains the same throughout the loan tenure, unless the borrower and lender agree to change it.

EMIs are commonly used to repay loans for purchasing big-ticket items like a house or a car, or for financing education or business expenses

How to Use Rapidloans EMI Calculator?

Here are the steps to use our loan EMI calculator on our website:

1. Go to the EMI calculator page on our website.
2. Enter the loan amount you want to borrow in the designated field.
3. Enter the loan tenure in months. This is the duration for which you want to take the loan.
4. Enter the interest rate applicable on the loan. The interest rate is the cost of borrowing money, which is usually expressed as a percentage of the loan amount.
5. Click on the “Calculate” button.
6. The EMI calculator will display the monthly installments (EMIs) that you need to pay, as well as the total interest and the total amount (principal + interest) that you will pay over the loan tenure.
7. If you are satisfied with the calculated EMIs, you can proceed to apply for the loan on our website.

Using an EMI calculator is a simple and convenient way to plan your loan repayment and budget accordingly. It helps you understand the financial implications of taking a loan and makes it easier to compare different loan options. We hope this helps you make an informed decision about your loan.

How is EMI Calculated ?

The EMI (Equated Monthly Installment) for a loan is calculated using the following EMI formula:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Where:

• P is the principal loan amount (the amount borrowed)
• R is the interest rate per month (annual interest rate/12)
• N is the loan tenure in months

For example, let’s say you want to take a loan of INR 100,000 for a period of 36 months at an annual interest rate of 12%.

Your EMI would be calculated by emi calculation formula as follows:

EMI = [100,000 x (12/100) x (1+12/100)^36]/[(1+12/100)^36-1] = [100,000 x 0.01 x (1.01)^36]/[(1.01)^36-1] = [100,000 x 0.01 x 3.0493]/[3.0493-1] = INR 3,456.79

Therefore, you would need to pay an EMI of INR 3,456.79 every month for 36 months to fully repay the loan.

Note: This is just an example calculation and does not represent the actual terms and conditions of any specific loan. Interest rates and loan terms may vary based on the lender and the borrower’s creditworthiness and other factors.