EMI Calculator Bank Of Maharashtra
What is an EMI Calculator? Using important inputs (Principal, Interest Rate, and Tenure) provided by the user, the EMI calculator calculates loan EMI and total interest payable using the declining balance technique.
Click Here
EMI CALCULATOR
Mathematical Formula The mathematical formula to calculate the EMI is;
EMI= P × r × (1 + r)n/((1 + r)n - 1) Where: P= Principal amount R= Monthly Interest N= Loan tenure in months
Example For Example, if rate of interest is 7.4% p.a. then r = 7.2/12/100 = 0.006 If a person avails a loan of ₹10,00,000 at an annual interest rate of 7.2% for a tenure of 120 months (10 years), then his EMI will be calculated as under: EMI= ₹10,00,000 * 0.006 * (1 + 0.006)120 / ((1 + 0.006)120 - 1) = ₹11,714. The total amount payable will be ₹11,714 * 120 = ₹14,05,703. Principal loan amount is ₹10,00,000 and the Interest amount will be ₹4,05,703
Bank of Maharashtra EMI Calculator The Bank of Maharashtra provides different EMI Calculators like, ● ● ● ● ●
EMI Calculator Home Loan EMI Calculator Personal Loan EMI Calculator Educational Loan EMI Calculator Car Loan EMI Calculator
And Also ● FD Calculator ● RD Calculator
EMI CALCULATOR