How Emi Is Calculated For Personal Loan
Emi is short form equated monthly instalment or the amount that is payable per month if you take a personal loan of a certain amount for a certain period.
How emi is calculated for personal loan. To calculate your personal loan emi manually you can use the formula listed below. The pay down or amortization of the loans over time is calculated by deducting the amount of principal from. On the other hand if the reducing balance interest rate method is used to calculate personal loan emi interest is calculated on the principal outstanding for each successive month instead of the entire amount borrowed.
Here s the mathematical formula to calculate an emi. The maximum amount you can pay as emi for personal loan is 20 000 50 10 000. Emi p x r x 1 r n 1 r n 1 here.
The personal loan calculator helps you instantly calculate your pay outs and therefore plan your loan and repayment better. The mathematical formula for calculating emis is. However the multiplier is 20 then the loan amount will be 20 000 20 4 00 000.
If you take a personal loan for a maximum of 5 years then your loan amount will be 10 000 12 5 600 000. All you need to do is enter your preferred loan amount tenure interest rate and processing fee if applicable and hit calculate to check your monthly instalments. R is the rate of interest that is applicable on your loan.
We calculate the monthly payment taking into account the loan amount interest rate and loan term. You can enter loan amounts from 50 000 to 4 000 000 and term from 1 to 5 years. Emi principle x interest rate x 1 interest rate number of year 1 interest rate number of year 1 in the formula mentioned above p is the principal amount r is the rate of interest and n is the number of monthly installments.
Personal loan amount the rupee value of the loan that you take. Emi p x r x 1 r n 1 r n 1 where p stands for the loan amount or principal r is the interest rate per month if the interest rate per. The standard formula for calculating the emi due is.
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