An EMI calculator is a tool that helps you calculate your monthly loan payments based on the loan amount, interest rate, and loan term. This calculator uses a simple formula to determine your Equated Monthly Installment (EMI), which is the amount you need to pay each month to repay your loan.
The EMI calculator takes into account the principal amount, the interest rate charged by the lender, and the duration of the loan repayment period. It calculates the total amount of interest that you will pay over the loan term and the total amount you will pay back, including the principal amount and interest.
Using an EMI calculator can be very helpful in planning your finances and managing your budget. It can give you a good idea of how much you need to pay each month and how much you will end up paying in total over the entire loan term. This can help you make informed decisions when selecting a loan option that fits your financial situation and avoid any surprises or unexpected costs.