EMI Calculator
Calculate Equated Monthly Installment (EMI) for loans.
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Frequently Asked Questions
What is EMI?
EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month.
How is EMI calculated?
EMI is calculated using the formula: EMI = [P × R × (1+R)^N] / [(1+R)^N - 1], where P is principal, R is monthly interest rate, and N is number of months.
What factors affect EMI?
EMI depends on three factors: loan amount (principal), interest rate, and loan tenure. Higher principal or rate increases EMI, while longer tenure reduces it.