EMI Calculator
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How to Use
- Enter the loan amount (principal)
- Enter the annual interest rate
- Enter the loan tenure in years
- Click Calculate to see your monthly EMI
EMI Formula
EMI = [P × r × (1 + r)^n] / [(1 + r)^n - 1]
Example: Where P = Principal, r = Monthly interest rate, n = Number of months
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Frequently Asked Questions
What is EMI?
EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender at a specified date each month.
How is EMI calculated?
EMI is calculated using the principal amount, interest rate, and loan tenure. The formula considers the time value of money.
Does EMI amount remain same throughout the tenure?
Yes, EMI remains constant throughout the loan tenure, but the principal and interest components change each month.
Can I prepay my loan to reduce EMI?
Yes, prepaying reduces the principal amount, which can either reduce your EMI or shorten the loan tenure.