Is there any formula for calculating the same.If yes then kindly let me know about it.

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Is there any formula for calculating the same.If yes then kindly let me know about it.

Hi Manjari,

The formula for calculating EMI is

EMI = (principal x period interest) ((1 + period interest) ^n) /(m x ((1 + period interest)^n – 1))

Where n is number of period.

To understand the formula better you will have to read http://blog.moneyraam.com/2008/04/loan-emis-and-interest-calculations.html

Regards,

Ripul

Follow any of the following links: –

http://www.deal4loans.com/Contents_Calculators.php

http://www.propmart.com/tools/emicalc.asp

http://www.infibeam.com/finance/LoanCalculator_input.action

There are many such links.