Calculate Equated Monthly Installment (EMI) for Home Loan, Car Loan, Bike Loan, Education loan & Personal Loan with IDFC First loan EMI Calculator and check latest interest rates for your loan.
EMI is the short form of “Equated Monthly Instalment”. EMI includes the repayment of principal as well as interest amount on your loan. EMI primarily depends upon Amount, Rate of interest and Time period. The longer the time period and lesser would be the EMI but you will end up paying more interest to your lender
Fintra has come with a very effective tool so that you can calculate your EMI easily depending on various factors like rate of interest, tenure of the loan, etc. This will help you calculate the loan instalment i.e. EMI towards your Home loan, Car loan, Personal loan or any other loans.
All you need to do is input the following to caclulate your EMI:
The formula used to calculate the EMI is
EMI = [P x R x (1+R) ^N]/[(1+R) ^N-1]
Where P = Loan amount
R = Rate of interest
N = Tenure in number of months
Using the formula, you now have an idea that higher the loan amount or the rate of interest higher the EMI. Well the EMI payments decrease with the increase in tenure. But why get into this much of hassle when you can do it all much more efficiently using an EMI calculator.
Now with the new innovations in the banking sector, various banks do provide the facility of availing loans at affordable rates and flexible EMIs. For example, to know more about Bajaj Finserv Insta EMI, please click here.