Emi calculator

EMI stands for equated monthly instalment. It is a fixed amount of money that you have to pay to the bank or lender for the amount borrowed. Your EMI payment includes both the principal amount and the interest amount. The EMI amount is calculated using three variables: loan amount, interest rate, and loan tenure. The longer the repayment period, the lower the EMI amount, but you must pay a higher rate of interest. An EMI calculator is an online financial tool that helps borrowers or potential borrowers estimate the EMIs for a loan amount. It is an easy method to determine how much money will be required every month to repay the loan over its period. To calculate your EMI amount, you need to enter the loan amount, interest rate, and loan term. Using this information, an EMI calculator calculates your monthly installments. Also, it shows the total amount and the interest payable during the complete loan tenure. It is used for various types of loans, such as consumer-durable loans, home loans, auto loans, personal loans, student loans, and others. You can calculate your EMI by using this mathematical formula: P x R x (1+R)^N / [(1+R) ^ (N-1)] Where P represents the principal amount borrowed, R represents the per-month interest rate (for example, if the annual interest rate is 12%, then monthly interest will be 1% (12% / 12)). N represents the loan period in months. Let’s understand this formula with an example. Let’s say, you have taken a loan of Rs. 10 Lakh at 12% for 10 yea...

\( EMI\,=\,PV\times i \times\left[\frac\right] \) Where: EMI = Equated Monthly Installment PV = Loan Amount (Present Value) i = monthly interest rate in decimal form n = number of months of the loan p.a. = per annum Equated Monthly Installment or EMI loan is calculated like any other Loan Amount is the original principal on a new loan or principal outstanding if you are calculating a current loan Loan Tenure How long is the loan for? How long will you take to pay back the loan in years or months? Interest Rate is the annual nominal interest rate or stated rate on the loan Type In Advance means that the first payment is made at the beginning of the first period, on the same day you start the loan. In Arrears means that you start with your first payment 1 month after you start the loan.

If you’ve been thinking about borrowing money and are curious to see what payments would look like before you apply, a loan calculator can be an ideal tool to help you figure this out. Bankrate’s loan calculator was designed to help borrowers calculate amortized loans. These are mortgages, auto loans, student loans and other types of Secured vs. unsecured loans Unsecured loans don’t require collateral, though Loan basics to know When taking out any loan, it’s important to understand these four factors: • Interest rate: An • APR: The • Repayment term: The repayment term of a loan is the number of months or years it will take for you to pay off your loan. Your loan’s principal, fees, and any interest will be split into payments over the course of the loan’s repayment term. • Principal: The principal is the amount you borrow before any fees or accrued interest are factored in.

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• Domestic General (1Yr 11 days to 1Yr 24 days) • 6.80 % Less than 2Cr • 7.25 % 2Cr to Less than 5Cr • Domestic General (2Yr < 30Mts) • 7.05 % Less than 2Cr • 7.00 % 2Cr to Less than 5Cr • Domestic Sr. Citizen (1Yr 11 days to 1Yr 24 days) • 7.55% Less than 2Cr • 8.00 % 2Cr to Less than 5Cr • Domestic Sr. Citizen (2Yr < 30Mts) • 7.80% Less than 2Cr • 7.75 % 2Cr to Less than 5Cr Axis Bank’s two wheeler loans offer up to 100%* funding and minimal documentation with tenures ranging from 12 to 48 months for While loans for two wheeler start at a minimum of Rs 25,001, a super bike loan starts at a minimum of Rs 1,00,000. Choose as per your budget. Use the two wheeler EMI calculator to know your exact EMI before you choose. Axis Bank does not guarantee accuracy, completeness or correct sequence of any the details provided therein and therefore no reliance should be placed by the user for any purpose whatsoever on the information contained / data generated herein or on its completeness / accuracy. The use of any information set out is entirely at the User's own risk. User should exercise due care and caution (including if necessary, obtaining of advise of tax/ legal/ accounting/ financial/ other professionals) prior to taking of any decision, acting or omitting to act, on the basis of the information contained / data generated herein. Axis Bank does not undertake any liability or responsibility to update any data. No claim (whether in contract, tort (including negligence) or other...