Loan EMI Calculator – Vitiyagyan

LOAN AMOUNT

₹

INTEREST RATE

LOAN TENURE

years

YOUR EMI

TOTAL INTEREST

TOTAL PAYMENT (PRINCIPAL + INTEREST)

What is an EMI

EMI stands for Equated Monthly Instalment. It is a fixed amount that the borrower pays the lender or lending institution every month. The EMI is calculated by adding the principal amount and the interest on it and dividing this sum by the total tenure i.e. the number of months for which the loan is taken. The resulting EMI includes both a part of the principal amount and the interest in varying ratios. Initially, the ratio of the interest is higher compared to the principal in the EMI. With each successive EMI, this ratio changes and towards the end of the tenure, the principal has the higher ratio in the EMI.

The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament, viz. The Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949) for regulating the profession of Chartered Accountancy in the country. The Institute, functions under the administrative control of the Ministry of Corporate Affairs, Government of India. The ICAI is the second largest professional body of Chartered Accountants in the world, with a strong tradition of service to the Indian economy in the public interest.

The affairs of the ICAI are managed by a Council in accordance with the provisions of the Chartered Accountants Act, 1949 and the Chartered Accountants Regulations, 1988. The Council constitutes of 40 members of whom 32 are elected by the Chartered Accountants and the remaining 8 are nominated by the Central Government generally representing the Comptroller and Auditor General of India, Securities and Exchange Board of India, Ministry of Corporate Affairs, Ministry of Finance, and other stakeholders.

Visit The ICAI Website

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