What is an EMI Calculator
An EMI calculator is an essential tool for anyone considering a home loan, particularly with SBI (State Bank of India). It helps you determine your Equated Monthly Installment (EMI), which is the fixed amount you will pay every month until the loan is fully repaid. This tool considers factors like loan amount, interest rate, and loan tenure, providing you with a clear picture of your financial commitment.
How the EMI Calculator Works
The SBI EMI calculator uses a straightforward formula to compute the EMI. The formula is:
EMI=P×r×(1+r)n(1+r)n−1EMI = \frac{P \times r \times (1+r)^n}{(1+r)^n-1}…