Loan EMI Calculator 💰

This loan EMI calculator app simplies your EMI calculation and full break up of payment reschedule. This is an open source application hosted in public https://github.com/Aravin/emi-calculator and anyone can use the code or extend the features in the application.

The application not only displays the EMI amount, it will also display information such monthly interest paid, monthly principal paid and monthly percentage paid. It will also display payment schedule during the tenture in the tabular representation.

This is an Free / Open Soruce / Fast / Accurate / Reliable EMI calculation application.

What is EMI ?
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EMI stands for Equated Monthly Iinstallment.
A fixed payment amount made by a borrower to a lender at a specified date each calendar month. Equated monthly installments are used to pay off both interest and principal each month, so that over a specified number of years, the loan is fully paid off along with interest.


How to use Loan EMI Calculation Application ❓
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Using the Loan EMI Calculation application is an very simple step. Just open the application and provider the following information in the first page i.e Total Loan amount you're going to borrow from the bank, Interest amount for the loan and tenture for the loan in terms of years and press the submit button.

Required Information:
1. Loan Amount
2. Loan Interest
3. Loan Tenure in Years


Formulas ➕
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In order the calculate the Loan EMI Calculation, we use following formulas
1. Interest Calculation
2. EMI Calculation
3. Percentage Calculation

Interest Calculation:

This is a formula used for Interest calculation,

interest = (principal * tenure) / (100 * 12);

EMI Calculation:

This is an formula used for EMI Calculation

E = P x r x (1+r)^n/((1+r)^n – 1)

Percentage Calculation:

This is a formula for Percentage calculation,

percentage = amount1 * 100 / amount2

## Minimum and maximum period for repayment

* Minimum Period is 3 month
* Maximum Period is 30 Years

## Maximum Annual Percentage Rate (APR)

* Min 6% and Max 45% interest

## Example EMI Calculation

Principal Amount = 150000
Rate of Interest = 10
Duration of Repayment = 3 years (36 month)

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

EMI = [150000 x 10/(100*12) x (1.0083)^36]/[{(1.0083)^36}-1]

= {1250 x 1.3482}/0.3482

= 4840


Accuracy & Math Error ⚡
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Our calculation and usage of formula in Loan EMI calculation will be 100% accurate and reliable. However there may be possible of 0.01% of math error because of round the number or converting the decimal number to any absolute value.

Added features to compare the loan
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Now, with the latest update you can compare the 2 loan accounts side by side and choose the best one of them instantly with beautify charts and detailed information.

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