Personal Loan: How Much EMI Will You Pay on a ₹20 Lakh Loan for 3 Years
What is EMI and How Does It Work? EMI (Equated Monthly Installment) is the fixed amount you pay your lender every month until the loan is fully repaid. It includes two parts: 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 … Read more
