EMI Calculator

An EMI (Equated Monthly Installment) calculator is a financial tool that helps individuals and businesses estimate the monthly installment they need to pay towards a loan or financing agreement. It provides a convenient way to calculate the fixed monthly repayment amount based on the loan amount, interest rate, and tenure.

The EMI calculator typically consists of the following input fields:

Loan Amount: This is the total amount borrowed from a lender or financial institution.

Interest Rate: The annual interest rate applicable to the loan, expressed as a percentage. It represents the cost of borrowing the money.

Tenure: The loan duration or repayment period, usually specified in months or years. It indicates the length of time within which the borrower agrees to repay the loan.

Upon entering these details, the EMI calculator performs a mathematical calculation to determine the monthly installment. The result provides the borrower with the precise amount they need to pay each month to gradually repay the loan over the chosen tenure.