Calculate Equated Monthly Installment for your loans
| Month | Principal | Interest | Balance |
|---|---|---|---|
| 1 | -₹7,083 | ₹7,083 | ₹10,07,083 |
| 2 | -₹7,134 | ₹7,134 | ₹10,14,217 |
| 3 | -₹7,184 | ₹7,184 | ₹10,21,401 |
| 4 | -₹7,235 | ₹7,235 | ₹10,28,636 |
| 5 | -₹7,286 | ₹7,286 | ₹10,35,922 |
| 6 | -₹7,338 | ₹7,338 | ₹10,43,260 |
| 7 | -₹7,390 | ₹7,390 | ₹10,50,650 |
| 8 | -₹7,442 | ₹7,442 | ₹10,58,092 |
| 9 | -₹7,495 | ₹7,495 | ₹10,65,586 |
| 10 | -₹7,548 | ₹7,548 | ₹10,73,134 |
| 11 | -₹7,601 | ₹7,601 | ₹10,80,736 |
| 12 | -₹7,655 | ₹7,655 | ₹10,88,391 |
Equated Monthly Installment (EMI) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMIs are used to pay off both interest and principal each month so that over a specified number of years, the loan is paid off in full.
The EMI is calculated using the formula: P × r × (1+r)^n / ((1+r)^n - 1), where P is the principal amount, r is the interest rate per month, and n is the number of monthly installments.
