##### EMI Calculator #### EMI Calculator

Loan Amount :
Tenure :
Rate of Interest % :

## Your Monthly Loan EMI: {{vm.emi_amount | INRCurrency}}

# Beginning Bal (A) EMI (B) Interest Paid(C) Principal (B-C) Ending Payment (A-(B-C))
{{\$index+1}} {{data.begining_bal || 0 | INRCurrency}} {{data.emi || 0 | INRCurrency}} {{data.interest || 0 | INRCurrency}} {{data.principal || 0 | INRCurrency}} {{data.ending_bal || 0 | INRCurrency}}
{{\$index+1}} {{data.begining_bal || 0 | INRCurrency}} {{data.emi || 0 | INRCurrency}} {{data.interest || 0 | INRCurrency}} {{data.principal || 0 | INRCurrency}} {{data.ending_bal || 0 | INRCurrency}} ### What is an EMI?

• A loan is a ﬁnancial agreement between the borrower and the lender in which the lender lends a speciﬁc amount demanded by the borrower under speciﬁed conditions. The borrower has to return back the sum over a pre-mentioned time-period along with interest as installments. Equated Monthly Installments (EMI) are used to pay off both principal amount and the interest each month until the complete payment is settled between the lender and the borrower. The EMI is dependent on various factors including principal, interest rates, loan tenure, and annual resting period.

### What is EMI Calculator?

• Equated Monthly Instalment or EMI is a ﬁxed sum that needs to be repaid according to the discussed terms on a monthly basis to the lender/bank until the amount has been paid for in the entirety. Divided into two parts, EMI consists of principal amount and the interest on the same distributed in a way that each month a sum can be paid till the loan tenure is completed. EMI is always paid on a ﬁxed date every month and can be paid through post-dated cheques in lender’s favour or by giving them your auto-debit details. With EMI calculator you can calculate your monthly loan EMI payments easily and plan your ﬁnances accordingly. Loan Studio’s online EMI calculator lets you know your EMI and total interest due in a snap and plus it is available 24x7 without any cost.

### How EMI Calculator Works?

• To calculate your total EMI and interest due using Loan Studio’s EMI calculator, you simply need to enter the principal amount you borrowed, the duration of the loan, the interest rates, and processing fee and the rest will be done by the calculator.
• EMI = [P x I x (1+I) ^ N] / [(1+I) ^ N-1]
• Here,
• P - Principal sum or Loan amount
• I – Rate of Interest per month [To calculate rate per month: if the interest rate per annum is 14%, rate per month = 14 / (12 x 100)]
• N – No. of instalments
• This is the most basic formula that is used to calculate the EMI but there are also other charges like processing fee for the loan which is taken into consideration.
• Here’s an example explaining the repayment process of your EMI and how the loan amount reduces during the period leading up to the retirement of loan.
• Loan Amount - ₹1,00,000
• Rate of Interest – 12%
• Loan Tenure – 12 months
• Using the above formula EMI per month at an annualized rate of 12% would be ₹8,885 per month and the total interest element will be ₹6,619.
• Above mentioned formula is universal and can be applied to any type of loan and the amount will vary as per three key factors, viz. the loan amount, interest rate, and the loan tenure.

### How to Use Loan Studio’s EMI Calculator?

Loan Studio’s EMI calculator is very much user-friendly and handy in experience. You can use our EMI calculator by following just few simple steps:

• Log on to EMI calculator page under the Tools Tab on the Home Page.
• You will be redirected to a page where you will have to fill various parameters.
• Simply enter the loan amount, tenure, and rate of interest and you will be provided with the payable EMI instantly
• You can vary the parameters accordingly and explore other combinations also.
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