Equated Monthly Instalment(EMI)
Total Interest Payable
Total of Payments
(Principal + Interest)
What is EMI?
An equated monthly installment (EMI) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. Equated monthly installments are used to pay off both interest and principal each month so that over a specified number of years, the loan is paid off in full.
What are the different components taken in consideration to calculate EMI?
Different components considered in EMI calculation are
- Interest Rate
- Number of Monthly Instalment
- Loan Amount