Calculate Your Personal Loan EMI
Use this Personal Loan EMI Calculator to estimate your Equated Monthly Installment (EMI).
Understanding your EMI is crucial for budgeting and managing your finances effectively.
The EMI is a fixed amount paid by a borrower to a lender at a specified date each month.
It includes both the principal amount and the interest charged on the loan.
The formula used to calculate EMI is:
EMI = P * r * (1 + r)^n / ((1 + r)^n – 1)
Where:
P = Principal Loan Amount
r = Monthly interest rate (Annual interest rate / 12 / 100)
n = Loan tenure in months
Calculate EMI
function calculatePersonalLoanEMI() {
var principalAmount = parseFloat(document.getElementById("principalAmount").value);
var annualInterestRate = parseFloat(document.getElementById("annualInterestRate").value);
var loanTenureMonths = parseFloat(document.getElementById("loanTenureMonths").value);
var resultDiv = document.getElementById("result");
resultDiv.innerHTML = ""; // Clear previous results
if (isNaN(principalAmount) || isNaN(annualInterestRate) || isNaN(loanTenureMonths) || principalAmount <= 0 || annualInterestRate <= 0 || loanTenureMonths <= 0) {
resultDiv.innerHTML = "Please enter valid positive numbers for all fields.";
return;
}
var monthlyInterestRate = annualInterestRate / 12 / 100;
var tenureInMonths = loanTenureMonths;
// Calculate EMI
var numerator = principalAmount * monthlyInterestRate * Math.pow((1 + monthlyInterestRate), tenureInMonths);
var denominator = Math.pow((1 + monthlyInterestRate), tenureInMonths) – 1;
var emi = numerator / denominator;
// Display the result
if (isFinite(emi)) {
var totalInterest = (emi * tenureInMonths) – principalAmount;
var totalPayment = emi * tenureInMonths;
resultDiv.innerHTML =
"
Your Estimated Monthly EMI: $" + emi.toFixed(2) + "" +
"
Total Interest Payable: $" + totalInterest.toFixed(2) + "" +
"
Total Payment (Principal + Interest): $" + totalPayment.toFixed(2) + "";
} else {
resultDiv.innerHTML = "Calculation resulted in an invalid value. Please check your inputs.";
}
}
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