EMI Calculator

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EMI Calculator

• Bank Of Maharashtra

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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.

EMI CALCULATOR
Click Here
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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

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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

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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

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EMI CALCULATOR