EMI Calculator is quite a basic yet very useful piece of software developed in order to provide you with a quick means of calculating your monthly payments in case you contract a loan.
EMI stands for Equated Monthly Installments and represents the sum of money you are expected to return on a regular basis to the bank or other institution you borrowed from, which also includes the interest.
The first field you need to complete in order to generate your EMI is the 'Loan Amount'. The sum you enter needs to do be a whole number, meaning you cannot split it into sections, using dots or commas. Next, you need to input the 'Interest Rate', which is a percentual value and can be at most a two-digit decimal number, for instance '12.67'.
Another required information is the 'Loan Duration', meaning the period of time over which you are supposed to return the money you borrowed. You can enter the value, then select the 'Years' or 'Months' option, depending on your particular situation.
After entering all these details, EMI Calculator will automatically calculate the 'Monthly Payment (EMI)', 'Total Interest Payable' and the 'Total Payment', displaying the results in the side-table and allowing you to export them to a TXT file that is automatically stored on your desktop or copy them to clipboard so you can paste them in another application for further work.
EMI Calculator is a helpful albeit basic utility that can help you get a quick estimate of the sum of money you will have to pay back monthly in case you take on a loan, enabling you to learn if the amount is something you can handle or not.