Loan EMI Comparison Tool
Use our EMI Calculator to estimate your monthly payment for the scenario: Loan EMI Comparison Tool. Just enter the loan amount, interest rate, and duration to get your EMI instantly.
How to Use This Calculator
- Loan Amount: ₹500000
- Interest Rate: 9.0%
- Tenure: 60 months
Understanding EMI for Loan EMI Comparison Tool
The EMI (Equated Monthly Installment) for a loan of ₹500000 at 9.0% interest over 60 months is calculated using a standard formula. This helps you plan your finances better and evaluate loan options.
FAQs
How is EMI calculated?
EMI is calculated using the formula: EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P = principal, R = rate/month, and N = number of months.
Can I reduce my EMI?
Yes, by either increasing the loan tenure or reducing the loan amount.