EMI Calculator

💡 What is EMI?

EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month.

EMI Formula:

EMI = [P × R × (1+R)^N] / [(1+R)^N-1]

• P = Principal loan amount
• R = Monthly interest rate
• N = Loan tenure in months

📊 Loan Types

• Home Loan: 6.5% - 9.5%
• Car Loan: 7% - 12%
• Personal Loan: 10% - 24%
• Education Loan: 8% - 15%