EMI (Equated Monthly Installment) is a fixed payment made every month towards repayment of a loan, which includes both principal and interest.

Does prepayment reduce EMI?

Yes, making prepayments can either reduce your EMI or shorten the loan tenure, depending on your lender’s terms.

Are EMI amounts fixed throughout the tenure?

Yes, EMI remains constant in fixed interest loans. For floating rate loans, EMI may change when interest rates change.

EMI is calculated using the formula: EMI = [P × R × (1+R)^N] / [(1+R)^N - 1], where P = loan amount, R = monthly interest rate, N = number of months.

Loan Amount

Interest Rate (%)

Tenure (Months)

Loan Start Date

Month	Principal	Interest	Remaining Balance

Monthly EMI:

0.00

Total Payable Amount:

0.00

Principal Paid:

0.00

Interest Paid:

0.00

Principal Remaining:

0.00

Interest Remaining:

0.00

Months Remaining:

Loan Start Date:

Loan End Date:

Please enter valid numbers for all fields.

What does EMI mean?

EMI stands for Equated Monthly Installment, the fixed amount you pay each month towards loan repayment.

How is EMI calculated?

EMI = [P × R × (1+R)^N] ÷ [(1+R)^N−1], where P=Principal, R=Monthly Interest Rate, and N=Tenure in months.

Can I reduce my EMI amount?

Yes, you can reduce EMI by increasing loan tenure or making part-prepayments.

Does prepayment affect EMI?

Yes, prepayment reduces either the EMI amount or the loan tenure depending on lender policy.

What is the difference between EMI and interest?

EMI is the total installment (Principal + Interest). Interest is only the cost of borrowing.