How is EMI calculated?
EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1), with P as principal, r as monthly interest and n as instalment count. A zero-rate loan uses P/n.
Understand your loan before you borrow
An EMI contains interest and repayment of principal. As outstanding principal declines, the interest portion generally falls and the principal portion rises in a fixed-rate reducing-balance schedule. A lower monthly EMI may cost more overall if the term is longer.
Understanding extra payments
Prepayments can reduce future interest. Check your agreement for charges and how additional amounts are applied. Estimates here do not automatically determine your legal entitlement.
Flat vs reducing rates
Flat-rate interest is charged on the original amount throughout the term. Reducing balance interest is calculated on outstanding principal. Advertised rates are not directly comparable.
Privacy-first calculations
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