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Move the sliders or enter exact figures to calculate your equated monthly installment.
Principal: 88%
Total Interest: 12%
Principal Amount
₹2,00,000
Total Interest Payable
₹27,040
Total Amount Payable
₹2,27,040
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How is Your Loan EMI Calculated?
Equated Monthly Installment (EMI) represents a fixed monthly payment made by a borrower to a lender on a specific date each calendar month.
EMI = [P × R × (1+R)N] / [(1+R)N - 1]
- P = Principal Loan Amount borrowed
- R = Monthly Interest Rate (Annual Rate ÷ 12 ÷ 100)
- N = Number of monthly installments (Tenure in months)
Tips to Optimize Your Loan Repayment
- Choose the Right Tenure: A longer tenure decreases your monthly EMI but raises overall interest paid.
- Maintain High Credit Score: Borrowers with credit scores above 750 often receive lower interest rate quotes.
- Factor in Prepayment Options: Most banking partners permit partial prepayments to bring down outstanding principal faster.