Loan Details
EMI Details
Monthly EMI
₹
Total Interest
₹
Total Payment
₹
✔ Standard EMI formula used by Indian banks
How EMI is Calculated
EMI (Equated Monthly Installment) is calculated using a standard formula that considers the loan amount, interest rate, and loan tenure.
EMI Formula:
EMI = P × R × (1 + R)N / ((1 + R)N − 1)
- P = Loan Amount
- R = Monthly Interest Rate (Annual Rate ÷ 12 ÷ 100)
- N = Loan Tenure (in months)