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EMI Calculator
₹
10.0 Years
Monthly Repayment
₹ 12,399
Principal Amount₹ 10,00,000
Total Interest₹ 4,87,880
Total Payment₹ 14,87,880
* This calculator provides estimates. Actual loan terms may vary based on bank policies.
What is Equated Monthly Installment (EMI)?
An Equated Monthly Installment (EMI) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. Equated monthly installments are used to pay off both interest and principal each month so that over a specified number of years, the loan is paid off in full.
The Formula for EMI Calculation
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
P = PrincipalThe amount of loan originally borrowed.
R = Rate of InterestThe rate of interest calculated on a monthly basis.
N = TenureThe loan tenure in number of months.
Factors Affecting Your EMI
1
Loan Amount
Higher the loan amount, higher will be your EMI.
2
Interest Rate
A lower interest rate reduces your EMI and total cost.
3
Loan Tenure
Longer tenure reduces EMI but increases total interest paid.
4
Processing Fees
One-time fee charged by banks, usually 0.5% - 2%.