What is loan EMI calculator?
A loan EMI (Equated Monthly Installment) calculator is a tool that helps calculate the monthly installments that need to be paid towards a loan. EMI is the fixed amount of money that an individual has to pay every month to repay the loan amount, including the principal amount and the interest charged on it. A loan EMI calculator helps the borrower to plan their finances accordingly and understand the loan repayment structure.
To use a loan EMI calculator, you typically need to enter the loan amount, the interest rate charged by the lender, and the loan tenure. The calculator will then calculate the monthly EMI, based on the entered details, and provide a repayment schedule for the entire loan tenure.
Loan interest and EMI calculated as a monthly compounding.