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A Loan EMI Calculator helps you easily calculate the Equated Monthly Installment (EMI) for your loan. You can use this online EMI calculator for all types of loans, including personal loans, home loan EMI calculator, business loans, and car loans. All you need to know is the interest rate payable on the principal amount and the tenure. By entering these details, you can instantly find out your monthly repayment amount. It simplifies financial planning, showing you the total interest payable and the overall cost of the loan, making it easier to manage your budget and make informed borrowing decisions.
EMI = [P × R × (1 + R)N] / [(1 + R)N - 1]
Suppose you take a loan of ₹5,00,000 at an annual interest rate of 10% for 5 years.
EMI = [5,00,000 × 0.00833 × (1 + 0.00833)60] ÷ [(1 + 0.00833)60 - 1]
EMI = ₹10,624
With this example, you would pay ₹10,624 every month for 5 years to repay your loan.
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