Loan EMI Calculator

EMI (Equated Monthly Installment) is the fixed amount paid by a borrower to a lender at a specified date each month. EMIs are used to pay off both the interest and principal each month so that over a specified time period, the loan is paid off in full.

EMI Formula

EMI = P × r × (1 + r)ⁿ ÷ [(1 + r)ⁿ - 1]

Where:

• P = Principal loan amount
• r = Monthly interest rate (Annual rate ÷ 12 ÷ 100)
• n = Loan tenure in months