An EMI Calculator is an online tool to get an approximate picture of required monetary funds to buy an immovable asset. It reflects the EMI value by evaluating total loan amount, rate of interest, and loan tenure. It helps investors to understand the needed financial capacity to make real estate investments.
What is EMI?
An EMI (Equated Monthly Instalment) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month, combining principal and interest components.
Formula
EMI = [P x R x (1 + R)^N] / [(1 + R)^N – 1]
Where P = Principal Loan Amount, R = Rate of Interest (Monthly), and N = Loan Tenure in Months.
