MoneyTap EMI Calculator

MoneyTap Personal Loan EMI Calculation Formula

The formula used to calculate the Equated Monthly Installment EMI for a loan using the MoneyTap EMI Calculator is based on the general EMI calculation formula as mentioned below:

EMI = [P x R x (1+R)^N] / [(1+R)^N - 1]

Example:

P = ₹5,00,000

Annual interest rate = 13% p.a

R = 13% / 12 / 100 = 0.01083

Loan tenure in years = 3

Number of monthly installments (n) = 3 * 12 = 36

Where:

EMI = Equated Monthly Installment,

P = Principal loan amount

R = Rate of Interest,

N = Repayment tenure in months.

You can calculate the EMI for a loan of ₹50,000 with an annual interest rate of 18% and a 3-year tenure (36 months):

EMI = [500000 × 0.01083× (1 + 0.01083)^36] / [(1 + 0.010831)^36 - 1]

EMI = ₹16,487

So, the EMI for a ₹500000 loan with an annual interest rate of 13% as provided by Money Tap Personal Loan and a 3-year tenure (36 months) is approximately ₹16,487

Refer to the table for detailed EMI calculations on a MoneyTap Personal Loan of ₹5,00,000, showcasing an annual interest rate of 13%. The table displays EMI amounts for various repayment tenures, starting from 3 years.

How to Use MoneyTap Personal Loan EMI Calculator?

MoneyTap Personal Loan is a simple and efficient way to plan your loan repayments. However, to arrive at an instant result, you can follow these to use the Buddy Loan EMI Calculator.

• Step 1: Visit the EMI calculator page.
• Step 2: Input the required details, including the loan amount, interest rate, and loan tenure.
• Step 3: The calculator will generate a table presenting the calculated EMI based on the provided information.

Advantages of Using MoneyTap Personal Loan EMI Calculator

There are several advantages of using a Personal Loan EMI Calculator and here are a few of them that make your repayment journey seamless:

• Accurate Planning: plan your finances accurately by providing the exact EMI amount you'll need to pay.
• Financial Visibility: Provides a clear breakdown of your repayments, aiding in better financial management.
• Quick and Easy: Offers a user-friendly interface for swift and effortless EMI calculations.
• Budgeting Tool: Enables effective budgeting and ensures that the loan repayment fits within your financial capabilities.

Tips to Manage Your MoneyTap Personal Loan EMI Repayment

Managing your MoneyTap Personal Loan EMI repayment effectively is crucial to maintaining financial stability. Here are some tips:

• Budget Wisely: allocate a portion of your monthly budget specifically for loan repayment.
• Prioritize Payments: ensure that your EMI payments are a top financial priority to maintain a good credit score.
• Emergency Fund: have an emergency fund to cover unexpected expenses and prevent EMI defaults.
• Track Expenses: monitor and control your spending to have sufficient funds for EMI payments.
• Communicate with MoneyTap: in case of financial difficulties, communicate with MoneyTap to explore potential solutions or restructuring options.