EMI Formula
EMI = P × r × (1+r)^n ÷ ((1+r)^n - 1)
Jahan:
- P = Principal loan amount
- r = Monthly interest rate (annual rate ÷ 12 ÷ 100)
- n = Total number of months (years × 12)
Worked Example
Misal: Rs 10 lakh loan, 22% annual rate, 5 saal tenure.
- P = 10,00,000
- r = 22 ÷ 12 ÷ 100 = 0.01833
- n = 5 × 12 = 60 months
- EMI = 10,00,000 × 0.01833 × (1.01833)^60 ÷ ((1.01833)^60 - 1)
- EMI ≈ Rs 27,619
- Total Payment = 27,619 × 60 = Rs 16,57,140
- Total Interest = 16,57,140 - 10,00,000 = Rs 6,57,140
Reality Check
Aap ne Rs 10 lakh liya aur Rs 16.57 lakh wapas diye - yaani 65% extra! Yeh loan ka sach hai. Isliye sirf zaroori loan lein aur jald prepayment karne ki koshish karein.
Pakistan Loan Rates Comparison
| Loan Type | Typical Rate | Tenure | Min Salary |
|---|---|---|---|
| Personal Loan | 25-35% | 1-5 years | Rs 50,000+ |
| Car Loan | 18-24% | 3-7 years | Rs 50,000+ |
| Home Loan | 20-25% | 10-20 years | Rs 80,000+ |
| Business Loan | 22-30% | 1-7 years | Business proof |
| Islamic Finance | 20-26% | 1-20 years | Same |