How to calculate EMI with example?
Example: if a borrower takes ₹10,00,000 from the bank at 10.5% annual interest for 10 years (i.e., 120 months), what will be the EMI? then EMI = ₹10,00,000 × 0.00875 × (1 + 0.00875)120 / ((1 + 0.00875)120 – 1) = ₹13,493. The monthly EMI ₹13,493 for 120 months takes to repay the entire loan amount.
What is the formula for calculating EMI?
For example, If a person avails a loan of ₹10,00,000 at an annual interest rate of 7.2% for a tenure of 120 months (10 years), then his EMI will be calculated as under: EMI= ₹10,00,000 * 0.006 * (1 + 0.006)120 / ((1 + 0.006)120 - 1) = ₹11,714. Calculating the EMI manually using the formula can be tedious.
What is EMI per month?
An equated monthly instalment (EMI) is a set monthly payment provided by a borrower to a creditor on a set day, each month. EMIs apply to both interest and principal each month, and the loan is paid off in full over some years.
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