Loan EMI: 0.00 per month
Total Interest Payable: 0.00
Total Payment: INR 0.00
|Month||EMI||Interest Paid||Principal Paid||Remaining Principal|
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EMI, or Equated Monthly Installment, is a fixed amount of money that you pay each month towards the repayment of a loan. It includes both the principal amount and the interest on the loan.
The formula to calculate EMI is:
EMI = [P x R x (1+R)^N] / [(1+R)^N - 1]
Let's say you borrowed INR 50,000 as a personal loan with an annual interest rate of 9% for a tenure of 24 months (2 years).
Using the EMI formula:
EMI = [50,000 x (0.09/12) x (1+0.09/12)^24] / [(1+0.09/12)^24 - 1]
EMI ≈ INR 2,261.82 per month
So, your Equated Monthly Installment (EMI) would be approximately INR 2,261.82.
EMI makes it easier to manage your loan repayments as it ensures a consistent monthly payment, which includes both the principal and interest components.