Quick Answer: How Is EMI Calculated?

What is the formula to calculate EMI?

The mathematical formula for calculating EMIs is: EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P stands for the loan amount or principal, R is the interest rate per month [if the interest rate per annum is 11%, then the rate of interest will be 11/(12 x 100)], and N is the number of monthly instalments..

How is principal and interest calculated on EMI?

The EMI can be calculated using either the flat-rate method or the reducing-balance method. The EMI flat-rate formula is calculated by adding together the principal loan amount and the interest on the principal and dividing the result by the number of periods multiplied by the number of months.

How is monthly EMI calculated?

The mathematical formula for calculating EMIs is: EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P stands for the loan amount or principal, R is the interest rate per month [if the interest rate per annum is 11%, then the rate of interest will be 11/(12 x 100)], and N is the number of monthly instalments.

What is the EMI for 50 lakhs home loan?

Housing Loan Interest CalculatorEMI for various home loan amounts15 years20 yearsRs. 20 LakhRs. 17,809Rs. 15,326Rs. 25 LakhRs. 22,262Rs. 19,158Rs. 30 LakhRs. 26,714Rs. 22,990Rs. 50 LakhRs. 44,523Rs. 38,3161 more row

How can I get principal from EMI?

If the principal amount is Rs 10 lacs [p]; If the annual rate of Interest is 12 percent per annum, andmonthly interest rate 1 percent[i];…You can make this calculation using a simple excel sheet in the following manner:For EMI: PMT (i,n,-p)For principal: PPMT (i,x,n,-p)For interest: IPMT (i,x,n,-p)

What is the EMI for 20 lakhs home loan?

Housing Loan Interest CalculatorEMI for various home loan amounts15 years20 yearsRs. 16 LakhRs. 14,606Rs. 12,646Rs. 20 LakhRs. 18,257Rs. 15,808Rs. 25 LakhRs. 22,822Rs. 19,759Rs. 30 LakhRs. 27,386Rs. 23,7111 more row

What is the full form of EMI?

Definition: EMI or equated monthly installment, as the name suggests, is one part of the equally divided monthly outgoes to clear off an outstanding loan within a stipulated time frame. Description: The EMI is dependent on multiple factors, such as: 1) Principal borrowed. 2) Rate of interest. 3) Tenure of the loan.

How much loan can I get on 35000 salary?

Below the eligible loan amount is given if your salary is 35000 per month….For 35000 Salary Per Month Check Loan Eligibility.Personal Loan9 lakhHome Loan24 lakhCar Loan10 lakhTwo Wheeler Loan7 lakhCredit CardCredit limit based on eligibilitySep 25, 2018

What is the EMI for 10 lakhs personal loan?

It will give you roughly how much you have to pay for Interest & Total Amount with Interest. Emi Calculated on 8.00%. Banks which are offering 10 Lakh home loan amount at 8.00% rate of interest.

How can I get a 40 lakh loan?

Yes, you can get a Home Loan of Rs. 40 lakhs with a salary of Rs….Opt for 30 years loan repayment, if you are young, and if your loan tenure will be over well before your retirement age.At 8.5% interest, for a 30 year tenure, for Rs 40 lakh home loan, the EMI is about Rs 30757.More items…