What is an EMI Calculator?
An EMI (Equated Monthly Installment) calculator is a tool used to calculate the monthly repayment amount for a loan. It helps you understand how much you need to pay each month to clear a loan within a specific period, considering the principal amount and interest rate.
How to Use the EMI Calculator
- Enter the loan amount you wish to borrow.
- Enter the annual interest rate offered by the lender.
- Enter the loan tenure in years.
- The calculator will instantly show your monthly EMI and total interest payable.