With the help of Emi calculator tool, you can calculate loan Emi in a very easy way. Whenever a business loan is taken to increase the business or any other type of loan amount is taken.
So the amount taken as loan has to be repaid within a certain time frame. To repay the loan amount, a part of the amount is paid every month, this is called emi. The EMI of the loan can be calculated with this emi calculator.
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EMI i.e. Equated Monthly Installments. It is a fixed amount, which is paid by you to the bank on a fixed date every month. When a person takes a loan from a bank or any lending company, then this EMI is paid to repay that loan.
Since the loan is taken as a large amount. If it is not possible to repay it in one go, then to repay it, there is a facility to repay it in the form of EMI from the bank and the loan company. A certain date is fixed in the month to repay the EMI amount. You can calculate the month in which emi is made with the help of this emi calculator tool.
The formula to calculate EMI is as follows:
EMI = [P x R x (1+R) ^N] / [(1+R) ^N-1]
In the above formula
|P||Total loan amount.|
|N||Loan tenure / Total time for which the loan is taken..|
Consider as an example:
Let x persons take a business loan of $1,000,000 at the rate of 7.5% interest. The total time to repay the loan has been fixed at 8 years. So you have to deposit $13,884/- as EMI every month. That is, when you will deposit the total amount in 8 years, it will be - $1,332,852.
Using an EMI (Equated Monthly Installment) calculator is a simple process, and it can help you determine how much you need to pay each month towards a loan, such as a home loan, car loan, or personal loan. Here are the steps to use an EMI calculator:
With the help of these steps, you can easily calculate your loan emi, that too for free.
Some of the features of the Emi calculator tool are as follows: