Calculating the EMI for your loan is crucial to determine whether it matches your repayment capability or not. Applying for a loan that exceeds your ability to repay the debt can lead to the rejection of your application. If you apply for a loan wherein the EMI is equal to your maximum repayment ability, your chances of defaulting severely increases. In case you are not able to check your EMI using an online EMI calculator, you can also do the same using an Excel spreadsheet. All you need to do is use the PMT function to calculate your monthly installments. The syntax for the excel function is:

PMT (rate, nper, pv)

Here,

**pv = The principal amount or the present value**

**rate = The fixed rate of interest at which the loan is borrowed**

**nper = The number of payments to be made to repay the entire debt**