EMI கணக்கீடு செய்வது எப்படி

 

EMI கணக்கீடு செய்வது எப்படி

How is the EMI calculated in a loan calculator?

Ans. The EMI amount is calculated in the calculator using this mathematical formula:

E = P x r x (1+r) n / [(1+r) n-1)]

Where E = Equal monthly instalments

P = Principal amount

r = Rate of Interest

and n = Tenure (in months)

How is EMI calculated for gold loans? You can calculate the EMI due on your Gold Loan manually by applying a formula. The formula is as follows: EMI Amount = [P x R x (1+R)^N]/[(1+R)^N-1], wherein P in principle, R is the rate of interest, and N is the number of instalments.

 

EMI-based gold loan

EMI is a popular way to apply for a gold loan. In such a type of loan, the repayment of loan and interest amount will commence one month later following disbursement, for a maximum tenure up to 3 years. Then the formula of EMI calculation is applied. 

Say, X availed a loan of INR 1 lakh against the gold jewelry. The bank has offered X a gold loan at an annual interest rate of 7.2% (floating) for a tenure of 3 years, then the EMI he will be paying on a monthly basis is calculated using the following formula:

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

P: Principal loan amount = INR 10,000,00

N: Loan tenure in months = 36 months

R: Interest rate per month [7.2/12/100] = 0.006

EMI= INR 1,00,000 * 0.006 * (1 + 0.006)36 / ((1 + 0.006)36 – 1)