## What is EMI?

EMI stands for Equated Monthly Installment, which is a fixed amount of money that you pay to your lender each month until you repay the entire loan amount. It includes both the principal and interest components of the loan.

## Formula for EMI Calculation

The formula for calculating EMI involves three variables: Loan Amount, Interest Rate and Loan Tenure. The formula is:

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

Where,

- P = Loan Amount
- R = Interest Rate Per Month (i.e., Annual Interest Rate Divided by 12)
- N = Loan Tenure in months

## How to use Online EMI Calculator?

- The first step is to enter the loan amount that you want to borrow. You can enter any amount between Rs. 1,000 and Rs. 10,00,000.
- The second step is to enter the interest rate that you will be charged on the loan. You can enter any interest rate between 1%
- The third step is to enter the loan tenure in months. You can enter any tenure between 1 month and 120 months.
- Once you have entered all the required details, click on the "Calculate" button to get the EMI amount.
- Once you click on the "Calculate" button, you will be able to view the EMI calculation along with the loan amount, interest rate, and loan tenure.

## Advantages of Online EMI Calculator

- Online EMI Calculator uses the correct formula to calculate your EMI payments, ensuring that the results are accurate.
- Online EMI Calculator is very easy to use. You just need to enter a few details, and you will get the EMI amount within seconds.
- Using Online EMI Calculator saves a lot of time. You don't need to manually calculate the EMI payments, which can be a time-consuming process.
- Online EMI Calculator helps you plan your finances better by giving you an estimate of your