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Equated Monthly Instalment (EMI) is the regular payment made toward a loan. An EMI generally contains both principal and interest. Your actual payment depends on the loan amount, interest rate, tenure, fees and the lender's terms.
For a standard reducing-balance loan, EMI can be represented as P × r × (1+r)n / ((1+r)n − 1), where P is principal, r is the monthly interest rate and n is the number of monthly instalments.
A lower monthly EMI is not always a lower-cost loan. Extending the tenure can reduce the monthly payment while increasing the total interest paid. Compare both the EMI and total repayment before making borrowing decisions.
Educational use only. Results are estimates and are not financial advice.