EMI (Equated Monthly Installment): Fixed monthly payment to repay a loan over a specified period. Formula: EMI = P × r × (1+r)^n / ((1+r)^n - 1)
How the EMI Calculator Works
Enter the loan principal, annual interest rate and loan tenure. The calculator converts the annual rate to a monthly rate and the tenure to months, then estimates the fixed monthly Equated Monthly Installment (EMI).
Results Explained
The calculator reports monthly EMI, total payment over the selected tenure and total interest paid. These figures help compare the overall cost of a loan under the entered assumptions.
Important Information
Actual loan payments may differ because lenders can use different rates, fees, insurance, repayment schedules or rounding rules.