EMI Calculator for Personal Loan
Use this calculator to estimate your monthly EMI for personal loans. Adjust the loan amount, tenure, and interest rate to see results instantly.
Your EMI: ₹0
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Frequently Asked Questions
1. What is an EMI?
EMI stands for Equated Monthly Installment. It is the fixed payment you make every month toward repaying a loan.
2. How is EMI calculated?
EMI is calculated using the formula: EMI = [P x R x (1+R)^N] / [(1+R)^N-1], where P = Principal amount, R = Interest rate, and N = Number of installments.
3. Can I prepay my EMI?
Yes, many lenders allow prepayment, which can reduce your overall loan interest.
4. What factors affect EMI?
EMI is affected by the loan amount, interest rate, and loan tenure.
5. Is the EMI fixed throughout the tenure?
In most cases, yes. However, for floating interest rates, EMI may vary.