Equated Monthly Installment (EMI) Calculator
Monthly Payment (EMI)
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What is EMI?
EMI stands for "equated monthly installment." It is a fixed amount of money that a borrower agrees to pay to the lender each month to repay a loan. The EMI is calculated based on the loan amount, interest rate, and loan tenure (the number of months over which the loan will be repaid). The EMI typically includes both the principal and the interest on the loan.
EMIs are used in a variety of loan types, including home loans, car loans, personal loans, and educational loans. They allow the borrower to repay the loan in a fixed and manageable manner, rather than in one lump sum. EMI's are beneficial for borrowers as it allows them to plan their finances, and also it reduces the risk of defaulting on the loan.