Bank EMI Calculator
Monthly EMI: ₹0
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Frequently Asked Questions
What is an EMI?
EMI stands for Equated Monthly Installment, the amount payable every month for a loan repayment.
How is EMI calculated?
EMI is calculated using the formula EMI = [P x R x (1+R)^N] / [(1+R)^N-1], where P is the loan amount, R is the interest rate per month, and N is the number of monthly installments.
What factors affect EMI?
EMI depends on loan amount, interest rate, and loan tenure.
Can EMI change during the tenure?
Yes, EMI can change if the interest rate is variable or if part payments are made.
Is prepayment of loans allowed?
Most banks allow prepayment, but charges may apply.
Can EMI be paid online?
Yes, most banks offer online payment options for EMIs.
What is the impact of increasing tenure on EMI?
Increasing tenure reduces EMI but increases total interest paid.
What happens if I miss an EMI?
Missing an EMI can attract penalties and impact your credit score.
Can EMI be reduced?
EMI can be reduced by increasing tenure or lowering the loan amount.
Is there a penalty for late EMI payment?
Yes, most banks charge a penalty for late EMI payments.