Calculate monthly instalments, total interest and total payment for any loan.
How the EMI is calculated
EMI uses the standard reducing balance formula: EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate and n is the number of months.
Before taking a loan
- Keep EMIs below about a third of your monthly income.
- Compare processing fees and early repayment charges, not only the rate.