How to Calculate EMI for Your Loan Easily

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How to Calculate EMI for Your Loan Easily

EMI stands for the ‘Equated Monthly Installment’ which is the sum that is paid every month to pay off your loan amount over a certain period. The Formula for EMI Calculation The formula to calculate the EMI is as follows: E = P x R x ^n/^N – 1, Where E = Equated Monthly Instalment P = Principal loan amount R = Monthly interest rate N = Number of monthly instalments Let’s break it down for easier understanding. Loan Amount : ₹1,00,000 Interest Rate : 12% per year or 1% per month Loan Term : 2 years = 24 months Let's substitute the values into the formula. EMI = / The EMI for a loan amount of ₹1,00,000 at a 1% monthly interest rate over 24 months is approximately ₹4,707.35.

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