Calculate your Medical Equipment Loan EMI
Plan your monthly EMIs using Poonawalla Fincorp’s online EMI calculator. Just enter the loan amount, interest rate, and tenure to calculate the principal amount and interest payable on your loan.
How to Use Medical Equipment Loan EMI Calculator?
Using our EMI calculator is as easy as turning your equipment on. All you have to do is:
Step 1: Enter the loan amount.
Step 2: Add the interest rate.
Step 3: Enter the loan tenure.
Once you have entered all the details, the calculator will automatically display the loan principal amount, interest payable and the monthly EMI amount.
Note: The calculated amount is just the estimation of monthly EMI based on the details entered in the calculator. Your actual monthly EMI may change based on other loan terms and conditions.
Components That Affect EMI Amount of Medical Equipment Loan
- Loan Amount: The loan amount or sanction amount typically determines your loan EMIs. The higher the loan amount, the higher the EMIs.
- Interest Rate: Interest rates are directly related to your EMIs. The higher the interest, the higher the EMIs.
- Loan Tenure: Your loan tenure is your repayment period. The longer the tenure, the lower the EMIs, and vice versa.
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Frequently Asked Questions
The Medical Equipment Loan EMI calculator is a tool that helps calculate your loan EMIs instantly. To use it, enter the loan amount, tenure and interest rate.
The formula for calculating Medical Equipment Loan EMI is:
EMI = [P x R x (1+R) ^ N] / [(1+R) ^ (N-1)]
P - Principal Amount
N – Loan Tenure
R- Interest Rate
Yes, you can calculate Medical Equipment Loan EMI in Excel. Enter the formula ‘=PMT(RATE, NPER, PV, FV, TYPE)’ in a selected cell and use the applicable values for the variables:
Rate – Interest rate
NPER – Loan tenure in months
PV – Principal loan amount
FV and Type – 0 and 1, respectively
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