EMI Calculator
Simple and accurate loan repayment planning.
What is an EMI?
EMI stands for Equated Monthly Installment. It is a fixed amount that you pay to a lender each month to repay both the principal and interest of a loan over a set period.
The EMI Formula
EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
Where P is Principal, R is monthly interest rate, and N is tenure in months.
Key Factors Affecting Your EMI
- Loan Amount: Higher principal leads to higher EMIs.
- Interest Rate: A small increase in rate can significantly boost your total interest.
- Loan Tenure: Longer tenure reduces EMI but increases total interest paid.