EMI Calculator
Calculate your monthly EMI, total interest and total payable for any loan on a reducing-balance basis. Adjust amount, rate and tenure instantly.
EMI is calculated on a reducing-balance basis. Actual rates depend on your credit profile, lender and loan type.
Monthly EMI
What is EMI?
An Equated Monthly Instalment (EMI) is the fixed amount you pay a lender each month, covering both principal and interest, until the loan is fully repaid.
How is EMI calculated?
EMI = [P × r × (1+r)^n] / [(1+r)^n − 1], where P is principal, r is the monthly interest rate and n is the number of months.
Does prepayment reduce EMI?
Prepayment usually reduces either your tenure or your outstanding principal (and hence total interest), depending on your loan agreement.
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