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A fixed monthly payment made by a borrower to a lender at a specified date each calendar month.
EMI stands for Equated Monthly Installment. It is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMIs are used to pay off both principal and interest each month, so that over a specified number of years, the loan is fully paid off. The EMI amount depends on three factors: the loan amount (principal), the interest rate, and the loan tenure. In India, all banks including SBI, HDFC, ICICI, and Axis use the standard EMI formula: EMI = P × r × (1+r)^n / ((1+r)^n - 1).
EMI = P × r × (1+r)^n / ((1+r)^n - 1)Calculate your monthly EMI, total interest, and total payment for any loan. Free, instant, and bank-accurate EMI calculations.
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