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How to calculate EMI using simple calculator?

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4 2021-03-31T13:36:24+00:00
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The formula to calculate EMI (estimated monthly installment) is 

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

Here, P is Principal loan amount, R is monthly rate of interest, and N is Number of monthly installments.

Let us understand how to calculate EMI using simple calculator with an example:

Shridhar borrowed a sum of Rs. 3 Lakhs at an interest rate of 15% for a tenure of 5 years.

The percent per annum would be 15/12 = 1.250%

Hence the calculation will be as follows:

EMI = 300000 x 1.250 x (1 + 1.250) 60 / (1 + 1.250 ) 60 - 1) 

       = 7137

Therefore, EMI will be Rs. 7137

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