To calculate your Tractor Loan EMI manually, you can use this formula:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
- P represents the loan amount.
- R is the monthly interest rate (annual interest rate divided by 12).
- N denotes the loan tenure in months.
For instance, if you take a loan of ₹5 lakhs to buy a tractor at an interest rate of 10% per annum for a tenure of 5 years. The EMI for this loan would be calculated as follows:
EMI = [500000 * 0.00833 * (1 + 0.00833)^60] / [(1 + 0.00833)^60 – 1]
EMI = ₹10,833.33
This means that you would need to pay ₹10,833.33 every month for 5 years to repay the loan
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