What is EMI? EMI (Equated Monthly Installment) is the fixed amount you pay every month to repay your loan. It includes: Formula for EMI: EMI=P×R×(1+R)N(1+R)N−1EMI = \frac{P \times R \times (1+R)^N}{(1+R)^N – 1}EMI=(1+R)N−1P×R×(1+R)N​ Where: Example: EMI on ₹11 Lakh Loan for 7 Years Let’s assume the interest rate is 11% per annum. Monthly EMI ≈ … Continue reading Personal Loan: How Much EMI Will You Pay on a ₹11 Lakh Loan for 7 Years