Calculate Equated Monthly Installment (EMI) using the formula EMI = P à r à (1+r)^n / ((1+r)^n - 1), where P is loan principal, r is monthly interest rate, and n is tenure in months. See total interest payable, total amount, and a month-by-month breakdown of principal vs interest.
â Frequently Asked Questions
EMI stands for Equated Monthly Installment â a fixed payment amount made by a borrower to a lender each month, covering both principal and interest until the loan is fully repaid.
A longer tenure reduces the monthly EMI but increases total interest paid. A shorter tenure increases monthly EMI but saves on total interest over the life of the loan.