Question 1

What is EMI?

Accepted Answer

EMI (Equated Monthly Instalment) is the fixed amount you pay to the lender every month until the loan is fully repaid. Each payment covers part of the principal and the interest accrued.

Question 2

How is EMI calculated?

Accepted Answer

EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is the principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the tenure in months.

Question 3

What is an amortization schedule?

Accepted Answer

An amortization schedule is a table showing the breakdown of each monthly payment into principal and interest, and the remaining loan balance after each payment.

Question 4

Does a higher tenure reduce my EMI?

Accepted Answer

Yes. A longer tenure reduces the monthly EMI but increases the total interest paid over the life of the loan. A shorter tenure means higher EMI but lower total interest.

Question 5

Is my data sent to any server?

Accepted Answer

No. All calculations happen entirely in your browser. No data is sent to any server.

EMI Calculator

Frequently Asked Questions

EMI Calculator

Frequently Asked Questions