How is EMI calculated?

EMI is calculated using the formula: EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly instalments.

What is an amortization schedule?

An amortization schedule is a table showing how each EMI payment is split between principal repayment and interest. In early months more goes toward interest; over time the principal component increases, and the loan is fully repaid by the final instalment.

Does a higher tenure lower my EMI?

Yes — a longer loan tenure reduces the monthly EMI but increases the total interest paid over the life of the loan. Use this calculator to compare the effect of different tenures on your monthly outflow and total interest cost.

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