Sbi Rd Interest Rates Calculator

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Personal Loan EMI Calculator

Plan your monthly budget with precision

Monthly EMI
$0.00
Total Interest
$0.00
Total Payment
$0.00

How Does a Personal Loan EMI Calculator Work?

A Personal Loan Equated Monthly Installment (EMI) calculator uses a standard mathematical formula to determine exactly how much you need to pay your lender every month. This amount remains constant throughout the loan tenure, helping you manage your monthly cash flow effectively.

The Mathematical Formula

Our calculator uses the standard EMI formula: E = P x r x (1 + r)^n / ((1 + r)^n – 1)

  • P: Principal Loan Amount
  • r: Monthly Interest Rate (Annual Rate / 12 / 100)
  • n: Loan Tenure in months (Years * 12)

Example Calculation

Suppose you borrow $10,000 at an interest rate of 10.5% per annum for a period of 3 years (36 months):

  • Monthly Interest Rate (r) = 10.5 / (12 * 100) = 0.00875
  • Number of Installments (n) = 3 * 12 = 36
  • Monthly EMI = $325.02
  • Total Interest Payable = $1,700.87
  • Total Repayment = $11,700.87

Why Use This Calculator?

Before applying for a loan, it is crucial to know your repayment capacity. Using this tool allows you to:

  • Compare different loan offers from various banks.
  • Adjust the tenure to see how it affects your monthly commitment.
  • Determine if you need to lower your loan amount to stay within your budget.
  • Visualize the total cost of debt (Principal + Interest).
function calculatePersonalLoanEMI() { var loanAmount = parseFloat(document.getElementById("loanAmount").value); var annualRate = parseFloat(document.getElementById("interestRate").value); var tenureYears = parseFloat(document.getElementById("loanTenure").value); if (isNaN(loanAmount) || isNaN(annualRate) || isNaN(tenureYears) || loanAmount <= 0 || annualRate < 0 || tenureYears <= 0) { alert("Please enter valid positive numbers for all fields."); return; } var monthlyRate = annualRate / 12 / 100; var totalMonths = tenureYears * 12; var emi = 0; if (monthlyRate === 0) { emi = loanAmount / totalMonths; } else { var powerFactor = Math.pow(1 + monthlyRate, totalMonths); emi = loanAmount * monthlyRate * (powerFactor / (powerFactor – 1)); } var totalPaymentValue = emi * totalMonths; var totalInterestValue = totalPaymentValue – loanAmount; document.getElementById("monthlyEMI").innerText = "$" + emi.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById("totalInterest").innerText = "$" + totalInterestValue.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById("totalPayment").innerText = "$" + totalPaymentValue.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById("emiResults").style.display = "block"; }

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