Reverse EMI Calculator
Find out how much loan you can afford based on your EMI capacity, interest rate, and tenure.
🔹 What is Reverse EMI Calculator?
A Reverse EMI Calculator is a tool that allows you to calculate the maximum loan amount you can afford based on your monthly EMI capacity, loan tenure, and interest rate. Unlike a standard EMI calculator, which tells you the EMI for a loan amount, this reverses the calculation to show how much you can borrow comfortably.
🔹 Why is it Useful?
This tool is extremely useful for individuals who want to plan their finances responsibly. By entering the EMI you can afford, the calculator instantly shows the eligible loan amount, total payment, and interest cost. This helps in making better financial decisions and comparing loan offers.
🔹 Formula Used
The EMI formula is: EMI = [P × R × (1+R)^N] / [(1+R)^N – 1], where P = Loan Amount, R = Monthly Interest Rate, N = Tenure (in months). The Reverse EMI formula rearranges this to calculate P (Loan Amount).
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