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About EMI
What is EMI?
EMI (Equated Monthly Installment) is a fixed monthly payment made by a borrower to a lender on a specified date. It consists of both principal and interest components.
How is EMI Calculated?
EMI = [P × R × (1+R)^N] / [(1+R)^N - 1]
Where P = Principal Loan Amount, R = Monthly Interest Rate, N = Number of Months
Ways to Reduce EMI
• Make a higher down payment
• Choose a longer loan tenure
• Opt for a lower interest rate loan
• Make prepayments