EMI Calculator
What is EMI?
The amount owed to the bank or other financial institution each month until the loan balance is completely repaid is known as the Equated Monthly Installment, or EMI for short. It includes a portion of the principal that needs to be repaid in addition to the interest on the loan. 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. This amount has to be paid monthly. The interest component of the EMI would be larger during the initial months and gradually reduce with each payment. The exact percentage allocated towards payment of the principal depends on the interest rate. Even though your monthly EMI payment won't change, the proportion of principal and interest components
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