EMI Loan Calculator
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Calculator Use
This calculator will solve for the Equated Monthly Installment (EMI) of a loan using the following formula for EMI.
\( EMI\,=\,PV\times i \times\left[\frac{(1+i)^n}{(1+i)^n-1}\right] \)
Where:
EMI = Equated Monthly Installment
PV = Loan Amount (Present Value)
i = monthly interest rate in decimal form
n = number of months of the loan
p.a. = per annum
Equated Monthly Installment or EMI loan is calculated like any other Car Loan or Mortgage Loan it just uses slightly different terminology.
- Loan Amount
- is the original principal on a new loan or principal outstanding if you are calculating a current loan
- Loan Tenure
- How long is the loan for? How long will you take to pay back the loan in years or months?
- Interest Rate
- is the annual nominal interest rate or stated rate on the loan
- Type
- In Advance means that the first payment is made at the beginning of the first period, on the same day you start the loan. In Arrears means that you start with your first payment 1 month after you start the loan.