EMI Calculator

EMI (Equated Monthly Installment) is the fixed amount you pay each month to repay a loan over a specified period. It includes both the principal and the interest.

EMI is calculated using the formula: EMI = [P × r × (1 + r)^n] / [(1 + r)^n - 1], where P is the loan amount, r is the monthly interest rate, and n is the loan tenure in months.

EMI is affected by the loan amount, interest rate, and loan tenure. A higher loan amount or interest rate increases the EMI, while a longer tenure reduces it.

Yes, many lenders allow prepayment of loans. Prepaying reduces the outstanding principal, which can lower your EMI or shorten the loan tenure.

Missing an EMI payment can lead to late payment penalties, a negative impact on your credit score, and potential legal actions by the lender.

EMI for a fixed interest rate loan remains constant. However, for floating rate loans, EMI can change based on fluctuations in the interest rate.

Fixed rate EMIs remain the same throughout the loan tenure. Floating rate EMIs may vary based on changes in the lending rate determined by the lender or market conditions.

A longer loan tenure reduces the EMI amount but increases the total interest paid. A shorter tenure increases the EMI but reduces overall interest costs.

Some lenders may charge a prepayment or foreclosure fee for early loan closure. Check your loan agreement for details on prepayment penalties.

You can track your EMI payments through the lender's online portal, mobile app, or monthly statements. Ensure timely payments to avoid penalties.