Calculate Equated Monthly Installment (EMI) for loans. Plan your loan payments with accurate EMI calculations for home loans, personal loans, and more.
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EMI = [P × R × (1+R)^N] / [(1+R)^N - 1]
Where P = Principal, R = Monthly Interest Rate, N = Number of Months
EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. It includes both principal and interest components.
EMI is calculated using the formula: EMI = [P × R × (1+R)^N] / [(1+R)^N - 1], where P is the principal amount, R is the monthly interest rate, and N is the number of months.
EMI is affected by three main factors: loan amount, interest rate, and loan tenure. Higher loan amounts and interest rates increase EMI, while longer tenures reduce EMI.