Monthly EMI Breakdown for a 10 Lakh Personal Loan
What is EMI and How is it Calculated? EMI (Equated Monthly Installment) is the fixed monthly payment you make to repay your loan. It consists of two parts: The EMI formula used by banks and financial institutions is: 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: EMI Breakdown for a 10 Lakh Personal … Read more