An EMI can be calculated using the formula EMI = P * (r*(1+r)^n)/((1+r)^n – 1). Or can be calculated in excel. Both the process is tedious and time taking. Hence, it is easier to use an EMI calculator. The user has to just enter the loan amount, tenure, and loan interest rate. The calculator calculates the EMI, the total amount payable, and the interest payable. Users should opt for a Loan EMI calculator because it is simple to use and calculates tedious calculations within seconds.