Enter Loan Details
Payment Breakdown
Monthly EMI
₹10,258
Principal Amount
₹5,00,000
Total Interest
₹1,15,465
Total Payment (Principal + Interest)
₹6,15,465
About Loan EMI Calculation
Equated Monthly Installment (EMI) is the fixed amount paid by a borrower to a lender at a specified date each calendar month. EMIs are applied to both interest and principal each month so that over a specified number of years, the loan is paid off entirely.
How is EMI Calculated?
The mathematical formula used to calculate loan EMI is:
EMI = [P x r x (1 + r)^n] / [(1 + r)^n - 1]
Where P is the Loan Amount, r is the monthly interest rate (annual rate divided by 12), and n is the loan tenure in months.