EMI Calculator

How does the EMI Calculator work?

EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. Equated monthly installments are used to pay off both interest and principal each month so that over a specified number of years, the loan is paid off in full.

EMI Calculation Formula:

EMI = [P x R x (1+R)^N] / [(1+R)^N-1]

• P: Principal loan amount
• R: Rate of interest per month (Annual Rate / 12 / 100)
• N: Number of monthly installments (Tenure in months)