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EMI Calculator | Bank Of Maharashtra

Bank of Maharashtra provides different EMI calculators like home EMI loan calculator, personal EMI loan calculator, car EMI loan calculator u2013 PowerPoint PPT presentation

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EMI Calculator | Bank Of Maharashtra

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  1. EMI Calculator Bank Of Maharashtra

  2. 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

  3. 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

  4. 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

  5. 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 ● ●

  6. EMI CALCULATOR

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