EMI Calculator Formula
The formula to calculate EMI (Equated Monthly Installment) is:
EMI = [P × r × (1 + r)n] / [(1 + r)n - 1]
Where:
- EMI = Equated Monthly Installment
- P = Loan amount (Principal)
- r = Monthly interest rate (Annual Rate ÷ 12 ÷ 100)
- n = Loan tenure in months
Example of EMI Calculation
Suppose you take a loan of ₹1,00,000 at an annual interest rate of 10% for 2 years.
- Principal amount (P) = ₹1,00,000
- Annual interest rate = 10% → Monthly rate (r) = 10 ÷ 12 ÷ 100 = 0.00833
- Loan tenure (n) = 2 years = 24 months
Using the formula:
EMI = [100,000 × 0.00833 × (1 + 0.00833)24] ÷ [(1 + 0.00833)24 - 1]
Result:
EMI ≈ ₹4,614.01
How to Use the Free Biodata Maker Online EMI Calculator?
Calculating your EMI (Equated Monthly Installment) is quick and easy with the Free Biodata Maker’s online EMI calculator. Follow these simple steps to get accurate results:
1. Enter the Loan Amount
Type in the total amount you wish to borrow.
2. Set the Interest Rate
Input the annual interest rate offered by your lender. Make sure you enter the correct percentage.
3. Choose the Loan Tenure
Select the duration of the loan. You can enter the tenure in months or years, depending on the calculator's settings.
4. Review the Results
The calculator will display your EMI, total interest payable, and the total payment amount (loan amount + interest).
Why Use the Online EMI Calculator?
- Instant Results: No manual calculations or formulas needed.
- Accurate Estimates: Helps you plan your monthly budget with precise figures.
- Financial Planning: Understand your loan repayment structure, making it easier to decide on a loan amount and tenure that fits your financial situation.
Advantages of Using Free Biodata Maker Calculator
- User-Friendly Interface: Simple and intuitive design makes it accessible for everyone.
- Time-Saving Tool: Instantly calculates results, eliminating the need for manual computation.
- Free to Use: No hidden fees or subscriptions required.
- Accessible Anytime, Anywhere: Use it on desktop or mobile, whenever you need it.
- Customizable Inputs: Adjust loan amount, interest rate, and tenure to see how changes affect your EMI.
By using this tool, you can make informed financial decisions and better manage your loan repayments!