A loan calculator is a simple online tool. With the help of which you can easily calculate the EMI of the loan.
In this new era, who does not take a loan to buy a car, a house or any other important item. To calculate the EMI of the loan, we are providing you this tool absolutely free of cost, with the help of this tool you can calculate the loan very easily.
Note: Please suggest new features or report any error, to help us improve this website.
Loan is a financial deal in which money is given to a person and institute the person has to return the amount with interest in the future. To calculate this future amount, a loan calculator is required. And this tool is absolutely free.
Where does a loan go, to buy something, to do some important work, to increase business, whether it is financial help taken from a bank or any financial institution for any personal work.
In return, the customer returns the entire loan amount along with interest as EMI to the bank or finance company. To calculate this loan, we have made this loan calculator, with the help of this you can easily calculate the loan.
It is very easy to use the Loan calculator. I have given some steps below, with the help of these steps you can calculate SIP very easily.
With the help of these steps, you can easily calculate your Loan Emi, that too for free.
A loan calculator work on the following formula.
E = [P x R x (1+R) ^N] / [(1+R) ^N-1]
In the above formula
|E||EMI or loan amount .|
|R||Rate of interest.|
For example, If a x person avails a loan of $1000,000 at an annual interest rate of 6% for a tenure of 96 months (8 years), then his EMI will be calculated as under.
If rate of interest is 6% p.a. then r = 6/12/100 = 0.005.
EMI= 1000,000 * 0.005 * (1 + 0.005)120 / ((1 + 0.005)120 - 1) = 13,141.
The total amount payable will be $13,141 * 96 = $1,261,577. Principal loan amount is $1000,000 and the Interest amount will be $261,577.
Some of the features of the loan calculator tool are as follows: