Calculate your Equated Monthly Installment (EMI) for home, car, or personal loans.
EMI stands for Equated Monthly Installment. It is a fixed payment amount made by a borrower to a lender at a specified date each calendar month.
EMI is calculated using the formula: 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.
You can reduce your EMI by prepaying a part of the loan, opting for a longer tenure, or negotiating a lower interest rate.