EMI Calculator
Monthly EMI
₹0.00
Total Interest
₹0.00
Total Payment
₹0.00
Principal Amount: This is the total loan amount you have borrowed.
Total Interest: This is the total interest you will pay over the loan tenure.
Monthly EMI: This is the fixed amount you will pay every month, which includes both principal and interest.
FAQs
What is EMI?
EMI stands for Equated Monthly Installment. It is the fixed amount you pay every month towards your loan, which includes both the principal and interest components.
How is EMI calculated?
EMI is calculated using the formula: EMI = [P × r × (1 + r)^n] / [(1 + r)^n - 1], where P is the loan amount, r is the monthly interest rate, and n is the loan tenure in months.
Can I prepay my loan?
Yes, most lenders allow prepayment of loans. However, some may charge a prepayment penalty. Check with your lender for details.
Is this calculator accurate?
Yes, this calculator provides accurate results based on the inputs provided. However, it does not include additional fees or charges that may be applicable.