What is EMI?

An Equated Monthly Installment (EMI) is a fixed payment made by a borrower to a lender on a specified date each month. EMIs are applied to both interest and principal each month, ensuring that over a specified time period, the loan is paid off in full

How Does Our Calculator Work?

Our EMI calculator makes it easy to see how much monthly installment has to be paid. Here’s how it works:

1. Enter your Loan amount and the interest rate.

2. Enter the Time in months (In how much time you want to pay the loan)

3. The amount will be calculated and displayed on the EMI field.

The formula behind the calculator:

(P + (P * r * n)) / (n * 12)

Where:
EMI represents the Equated Monthly Installment.
P is the principal amount borrowed.
r is the periodic monthly interest rate.
n is the total number of monthly payments.