## EMI Estimator

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EMI loan calculator is the best tool to calculate monthly payments that you need to make on a loan with a fixed interest rate over a specific period. It is generally used for personal loans, home loans, car loans, and other installment loans. To calculate the EMI, you need the following information:

**Loan Amount or Principal: **The total amount you want to borrow.

**Interest Rate: **The annual interest rate on the Principal or loan.

**Duration of Loan: **To repay the loan within a number of months or years.

Once you have these details, you can calculate the EMI:

**EMI = [P x R x (1+R)^N] / [(1+R)^N – 1]**

Where:

**EMI = **Equated Monthly Installment

**P = **Loan Principal (the loan amount)

**R = **Monthly Interest Rate (Annual Interest Rate divided by 12 and divided by 100)

**N = **Loan Tenure in months

**How to Calculate EMIs through the EMI loan calculator?**

With vibrant charts and faster results, our EMI calculator is very easy to use and understand. You can calculate different types of loans—home loans, car loans, education loans, personal loans, or any other with the help of our EMI calculator.

Here’s a step-by-step guide to using an EMI loan calculator:

- Input the amount of the loan.
- Enter the interest rate annually as a percentage.
- Fill in the loan duration in years or months.
- Calculate the monthly interest rate by dividing the annual interest by 12 and 100.
- Implement the formula mentioned to calculate the EMI.

EMI calculators are available to calculate the EMIs and you can find different websites and mobile apps offering such services. Through the help of it, you can input your loan details and calculate the monthly amount faster.

This calculation assumes a fixed interest rate throughout the loan duration. The accrual EMI may change over time if there is a variable interest rate on your loan. Further, the EMI calculator doesn’t include other charges, which include insurance premiums or processing fees which affect the whole cost of the loan.

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**Can an EMI calculator be used for different loans?**

Yes. you can use EMI calculators for different types of loans—car loans, home loans, personal loans, and more.

**Is the calculated EMI always fixed throughout the loan duration?**

There is a fixed EMI with fixed interest rates. If there is a variable interest rate, the EMI will change over time.

**What is an EMI loan calculator?**

The EMI calculator is a tool to help borrowers have an estimate of the Equated Monthly Installments (EMI) for their loans. It calculates fixed monthly payments to repay the loan over a specified time period.

**How does an EMI calculator work?**

EMI calculator works with a standard mathematical formula that involves loan amount, interest rates, and loan duration. Once you plug in the details, the calculator will find the monthly EMIs.

**What is the information required to estimate the installments through the EMI calculator?**

You would require three things for calculating EMI—Principal amount, annual interest rates, and the duration of the loan.