EMI Calculator

What is EMI?

EMI stands for Equated Monthly Installment. It is a fixed payment amount that a borrower pays to a lender at a specified date each calendar month. The EMI consists of both the principal amount and the interest accrued on the loan, allowing the borrower to repay the loan over a fixed period of time.

Important Terms Related to EMI:

• Principal Amount: The initial amount borrowed from the lender.
• Interest Rate: The percentage charged by the lender on the principal amount as interest.
• Instalment (in months): The total number of months over which the loan is repaid.
• EMI Amount: The fixed monthly payment made by the borrower, comprising both principal and interest.
• Total Payment: The total amount to be paid by the borrower, including the principal and interest, by the end of the loan tenure.
• Total Interest: The total interest paid by the borrower over the loan tenure.