Personal Loan: How Much EMI Will You Pay on a ₹9 Lakh Loan for 3 Years
What is EMI in a Personal Loan? EMI (Equated Monthly Installment) is the fixed amount you repay to the bank or lender every month until your loan is cleared. 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 for a ₹9 Lakh Personal … Read more
