EMI Calculator

What is EMI calculator?

An EMI (Equated Monthly Installment) calculator is an easy-to-use online market tool that assists you in calculating the monthly payments required for a loan. As India’s credit market is growing year-on-year at a CAGR of 11%, this calculator computes the amount that you must pay each month for the entire duration of the loan based on the loan amount, interest rate, and loan tenure.

The EMI calculation formula is -

EMI = [P x R x (1+R) ^N]/ [(1+R) ^ (N-1)], where –

• P is the principal amount
• R is the rate of interest
• N is the loan tenure

How can an online EMI calculator help you?

• It allows you to get an accurate estimate of your EMI amount and plan your money appropriately. To increase your chances of loan approval, keep your debt-to-income ratio below 50%.
• Our EMI calculator can help you save time. You don't need to perform difficult computations manually, which can be time-consuming.
• Every time you use our calculator, you get an accurate estimate without error.
• The calculations are performed on a specific basis, and EMI breakup will be on the types of loan: Personal Loan or Home Loan.

The formula to determine loan EMI amount

There is a specific formula that Groww uses to compute the EMI amount for a loan.

EMI = [P x R x (1+R) ^N]/ [(1+R) ^ (N-1)], where –

• P is the principal amount
• R is the rate of interest
• N is the loan tenure

Advantages of using StockDaddy calculator

• It can be used as often as needed by anyone, at any time.
• The EMI calculator is 100% correct.
• It provides you with a prompt estimate of your EMI amount.