EMI Calculator

About EMI Calculator

An Equated Monthly Installment (EMI) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMIs 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.

EMI Formula

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Where:

• P = Principal loan amount
• R = Monthly interest rate (annual rate divided by 12 and then divided by 100)
• N = Loan term in months