Loan Details
Monthly EMI
8,792
Principal
100,000
Interest
5,499
Total
105,499
What is EMI?
EMI (Equated Monthly Installment) 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
The mathematical formula to calculate EMI is:
EMI = P × r × (1 + r)^n / ((1 + r)^n - 1)
Where:
P = Principal loan amount
r = Monthly interest rate (annual rate ÷ 12 ÷ 100)
n = Number of monthly installments
How to Use This Calculator
- Enter your loan amount (principal)
- Input the annual interest rate offered by your lender
- Specify the loan tenure in months
- Get instant EMI calculation with complete breakdown