Personal Loan: How Much EMI Will You Pay on a ₹40 Lakh Loan for 7 Years
What is EMI? EMI (Equated Monthly Installment) is the fixed monthly payment that you make to the bank or lender until your loan is fully repaid. It includes both principal (the loan amount) and interest (the lender’s charge). The formula used for EMI calculation 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: … Read more