EMI Calculator

What is EMI and EMI Calculator?

Equated Monthly Instalment - is the amount payable every month to the bank or any other financial organization until the loan amount is fully paid off. It consists of the interest on loan as well as part of the principal amount to be repaid. The sum of principal amount and interest is divided by the tenure, i.e., number of months, in which the loan has to be repaid. The interest component of the EMI would be larger during the initial months and gradually reduce with each payment.