Loan EMI Calculator
Calculate your monthly loan repayments instantly with our precise EMI tool.
Your Monthly EMI:
What is an EMI?
EMI stands for Equated Monthly Installment. It is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMIs are used to pay off both interest and principal each month, so that over a specified number of years, the loan is paid off in full.
The EMI Formula
Our calculator uses the standard mathematical formula for EMI calculation:
E = P\times x r\times x {(1+r)^n}/{((1+r)^n - 1)}
Where:
E is EMI
P is Principal Loan Amount
r is Monthly Interest Rate (Annual Rate / 12 / 100)
n is Loan Tenure (Number of months)
Benefits of Using Our Calculator
Using the iLoveResize EMI tool helps you plan your monthly budget effectively. You can adjust the loan amount, interest rate and tenure to find an EMI that fits your financial comfort zone before applying for a loan.