**EMI Calculator**

**EMI Calculator**

Calculate the monthly EMI you need to pay to your lender.

## What is an EMI (Equated Monthly Installment)?

EMI is a monthly payment made by a borrower to a lender on a specific day of each month.

**Formula to Calculate EMI**

**EMI = P x R x (1+R)^N / [(1+R)^N-1]**

In this formula the variables stand for:

**P** = Principal loan amount borrowed

**R** = Rate of interest

**N** = Loan tenure/total number of monthly payments

## Best EMI Calculator – Munim

Munim’s EMI calculator makes it easy to calculate your monthly EMI. It’s an easy-to-use calculator that can be used by anyone easily. Enter your information and it will show you the amount of money you will need to pay monthly.

## Types of EMI Calculator

**Home Loan EMI Calculator**

The home loan EMI calculator helps you to calculate the amount of EMIs you will have to pay on your home loan. Home loans are sanctioned based on the property cost and repayment capacity of the borrower. Home loans are normally long-term loans.

**Car Loan EMI Calculator**

Buying a car has become easier now due to several car loan schemes. A car loan EMI calculator allows you to calculate the monthly payment on your car loan in a simple way. Car loans are offered at a repayment tenure of up to 8 years.

**Personal Loan EMI Calculator**

Personal loans mostly have a higher interest rate and a short tenure. To calculate your EMI you can use the personal loan EMI calculator which will allow you to easily calculate EMI for your personal loan.

## Common Factors That Affect Your Due Amount

Everything you need yo know about GST

**L****oan Tenure**

**oan Tenure**

If the person reduces or extends the loan’s tenure then subsequently there will be an increase or decrease in the EMI amount.

**Loan Amount**

**Loan Amount**

Selecting the loan amount is another factor for assessing your EMI. Your monthly installment will be calculated based on the loan amount you choose.

**Rate of Interest**

**Rate of Interest**

The rate of interest is the main factor that helps you to assess the due installment amount. To make your overall repayment stay low you can compare the products and choose the one with lower ROI.