Monthly EMI Breakdown for a ₹15 Lakh Personal Loan
What is EMI and How is it Calculated? EMI (Equated Monthly Installment) is the fixed amount you pay every month to the bank or lender until your loan is fully repaid. It includes both: The formula used to calculate EMI 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 … Read more