Loan amount (₹)
Rate of interest (p.a)
Loan Tenure (Years)
Monthly EMI: | ₹19,566 |
Principal amount: | ₹10,00,000 |
Total interest: | ₹1,73,969 |
Total amount: | ₹11,73,969 |
India's credit market is expanding rapidly and is now the 4th largest globally, experiencing a robust annual growth rate of over 11%. Personal loans and credit cards dominate this market, accounting for 78% of total lending. When taking a loan, it’s important to accurately plan for repayments through Equated Monthly Installments (EMIs). Borrowers should be aware of the factors that influence EMI calculations to make informed financial decisions.
An EMI calculator simplifies the process of estimating monthly payments for various loan types. Here’s how it can benefit you:
The formula used for EMI calculation is:
EMI = [P x R x (1+R) ^ N] / [(1+R) ^ (N-1)]
Where:
This formula is universal across most EMI calculators, ensuring consistent results regardless of the loan type. For example, if you borrow ₹10 lakh at an annual interest rate of 10% for 5 years, using this formula would help calculate your exact EMI.
By utilizing FlipItMoney's EMI calculator, you can make informed decisions about the loan amount, tenure, and interest rate, ensuring that your debt-to-income ratio remains below 50% for better financial health.
Key Advantages:
Free and Unlimited Access: The tool is available at no cost and can be used as many times as needed.
Quick & Accurate: The calculator provides instant, reliable results every time.
In addition to EMI calculators, FlipItMoney offers a range of other free financial tools that can help with everything from investment planning to retirement savings.
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