How to Calculate Your Monthly Payable Amount Using Interest Rate Calculator

EMI Formula

EMI=P*R*(1+R) ⁿ
                 (1+R) ^n-1)
 
P=principal amount
R=rate of interest
N=number of monthly installments
 

How the Interest rate calculator functions for determining the monthly payable amount?

 
The interest rate calculator is programmed to provide you the monthly payable amount (EMI) when you enter the principal amount, interest rate, and tenure of the loan.
 
If the tenure is longer, the monthly payable amount or EMIs will be less, but the interest rate payable will be higher. On the other hand, a shorter loan repayment tenure has higher EMIs and indicates a lower interest rate.
 
For Example, your loan amount is Rs.50,000 on an interest rate of 25%, for 12 months duration. So, the monthly payable amount using the interest rate calculator or loan EMI calculator will turn out to be RS.4,753. and the total repayment amount would be Rs.57,036 annually.
 
However, the interest rate may vary from lender to lender depending upon the market fluctuations and borrower profile.

How HeroFinCorp Interest Rate Calculator Works? 

HeroFinCorp an instant personal loan app powered by HeroFinCorp supports accurate calculation of the monthly amount payable using the inbuilt EMI Calculator. Borrowers can flexibly set the values to derive an EMI amount as shown graphically below:
 

The online calculation of monthly payable amounts using the interest rate calculator has simplified the lives of borrowers, especially for those who are not confident about manual calculations. The HeroFinCorp interest rate calculator gives borrowers the transparency about the monthly installments for a loan amount taken between Rs.50,000 - 1,50,000 through the Hero FinCorp Instant personal loan app.
 
The kind of interest rate you choose becomes very important for balancing your budget and financial plans. While technology has altered the way loans are being disbursed, there are factors that affect your interest such as percentage of interest rate, credit scores, down payment, and loan type. So, borrow money wisely that you can repay easily even with the interest rate charged.