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Originally Posted by tsk1979 http://www.bankofbaroda.com/calculators/calculators.asp
This link will help you to calculate your exact EMI based on tenure and rate of interest.
you can calculate using formula too
EMI = {(p*r) (1+r)^n}/{(1+r)^n - 1}
p = principal (amount of loan), r = rate of interest per instalment period, i.e., if interest is 12% p.a. r = 1, n = no. of instalments in the tenure,Y ou can also use `Calculate EMI function' in EXCEL spread sheet. |
The simplest formula for working out EMI's is the Excel function "PMT". It works as follows:
=PMT("rate of interest per annum"/"number of instalments per annum, i.e. 12", "total number of instalments, e.g. 60 for a 5 year loan", "loan amount", "any final value at the end of full repayment, which will generally be zero", "1 or 0, where 1 means first instalment at the start of the first month and 0 means first instalment at the end of the first month; usually it will be 1")
Some banks round off the emi's in their favour getting two or three bucks per month.