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# What is the formula to calculate EMI?

## What is the formula to calculate EMI?

The mathematical formula to calculate EMI is: EMI = P × r × (1 + r)n/((1 + r)n – 1) where P= Loan amount, r= interest rate, n=tenure in number of months.

### How is EMI interest calculated?

N = Number of monthly instalments. The aforesaid variables along with the processing fee are needed to determine your EMI. The rate of interest (R) on your loan is calculated monthly i.e. (R= Annual rate of interest/12/100). For instance, if R = 10% per annum, then R= 10/12/100 = 0.0083.

How do I calculate EMI in Excel?

How to Calculate Your Personal Loan EMI Using Excel

1. Highlights.
2. Calculate EMIs using the PMT function on Excel.
3. Use this formula =PMT(RATE,NPER,PV,FV,TYPE)
4. These variables need to be computed & may lead to errors.
5. Use the online EMI calculator to avoid manual errors.

What is the EMI for 40 lakhs loan?

EMI Calculations for a Home Loan of Rs. 40 Lakh with varying Tenors

Loan Details Monthly Instalment
40 lakh home loan EMI for 30 years Rs. 35,103
40 lakh home loan EMI for 20 years Rs. 38,601
40 lakh home loan EMI for 15 years Rs. 42,984
40 lakh home loan EMI for 10 years Rs. 52,860

## What is interest amount formula?

You can calculate Interest on your loans and investments by using the following formula for calculating simple interest: Simple Interest= P x R x T ÷ 100, where P = Principal, R = Rate of Interest and T = Time Period of the Loan/Deposit in years.

### How much loan can I get if my salary is 15000?

A: A salary of Rs. 15,000 generally falls in the category of a low-income borrower group. So, an instant personal loan app with a maximum approval amount of 1.5 Lakhs can be availed by the borrower with a starting salary of Rs. 15,000.

How do I calculate interest?

You can calculate simple interest in a savings account by multiplying the account balance by the interest rate by the time period the money is in the account. Here’s the simple interest formula: Interest = P x R x N. P = Principal amount (the beginning balance).

How do u calculate interest?

Simple Interest Formulas and Calculations: Use this simple interest calculator to find A, the Final Investment Value, using the simple interest formula: A = P(1 + rt) where P is the Principal amount of money to be invested at an Interest Rate R% per period for t Number of Time Periods.

## How much loan can I get if my salary is 30000?

On the other hand, if you are wondering – how much personal loan can I get on a 40,000 salary, the loan sanction amount will be close to Rs. 10.80 lakhs….Multiplier Method.

Salary Expected Personal Loan Amount
Rs. 20,000 Rs. 5.40 lakhs
Rs. 30,000 Rs. 8.10 lakhs
Rs. 40,000 Rs. 10.80 lakhs
Rs. 50,000 Rs. 13.50 lakhs

### How to calculate EMI on your loan?

Method 1 of 2: Using an Online Calculator Find an online calculator that suits your needs. Most banks and mortgage lenders have online calculators on their websites that you can use for free. Enter the amount, tenure, and interest rate of your loan. Evaluate the monthly payment calculated. Adjust the variables to find the right EMI for you.

How can we calculate home loan EMI?

down payments and loan insurance.

• Add Home loan prepayment amount and date.
• total interest payable and total payment.