We all know that EMI is the loan amount to be repaid to the lending institution with an interest. It always paid to the lending institution on a fixed date each month. The EMI is depended upon the principal borrowed, Rate of interest, Tenure of the loan, Monthly resting period. EMI has a greater share of the principal amount with the time. The formula to calculate EMI is:
E = P x r x (1+r) ^n/ ((1+r) ^n – 1)
Here, E=The actual EMI amount that you need to pay monthly.
P= The actual Principal that you want to borrow.
r= The rate of interest.
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it is given annually, so to convert it into monthly bases to use in a formula. So, divide the yearly R by 12 and then multiply by 100. r = (annual interest/12) x 100.
n= The duration of the loan in a year.
Apart from it, there is an easy way to calculate the EMI is the use of the EMI Calculator. Loan EMI Calculator is an online tool to calculate the EMI. It only requires the amount you want to borrow, the duration of the loan and the interest rates. After that click on the button to know the EMI amount.
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ReplyDeleteIt is essential to assess your repayment capability before opting for the loan to avoid any financial mess. In other words, you need to know the amount you can pay as a monthly installment, also called an EMI. This is where a Housing Loan EMI Calculator can be best to use.
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