An EMI (Equated Monthly Installment) calculator is a useful tool that helps individuals estimate the monthly installment amount they need to pay towards a loan. It provides a breakdown of the principal amount, interest rate, and loan tenure, allowing borrowers to plan their finances accordingly. To use an EMI calculator, you typically need to input the following information:
- Loan Amount: The total amount you intend to borrow from the lender.
- Interest Rate: The annual interest rate charged by the lender on the loan amount.
- Loan Tenure: The duration of the loan, typically in months or years.