💳 What is an EMI Calculator?

An EMI (Equated Monthly Installment) Calculator helps you calculate the monthly payment for a loan, such as:

• Home loan 🏠
• Car loan 🚗
• Personal loan 💰

🎯 How to Use an EMI Calculator

1. Enter Loan Amount
   • Example: ₹5,00,000
2. Enter Interest Rate
   • Example: 10% per year
3. Enter Loan Tenure
   • Example: 5 years
4. Click “Calculate”
   • Press the calculate button
5. View Result
   • Monthly EMI
   • Total interest
   • Total payment

📊 Formula Used

👉 EMI = [P × r × (1+r)^n] / [(1+r)^n – 1]

Where:

• P = Loan amount
• r = Monthly interest rate
• n = Number of months

📊 Example

👉 Loan = ₹5,00,000
👉 Interest = 10%
👉 Time = 5 years

➡️ EMI ≈ ₹10,624/month

⚡ Common Uses

• 🏠 Home loan planning
• 🚗 Car loan calculation
• 💳 Personal finance
• 📊 Loan comparison