What is Equated Monthly Installment or EMI?

Equated Monthly Installment or EMI is the amount you will be paying to the financial institution on a monthly basis to repay your loan. EMI includes the principal and an interest component calculated based on the loan amount, the interest rate on the loan amount and the tenure of the loan. The formula to calculate EMI is:

E = P x r x (1 + r)^n / ((1+r)^n -1)

P stands for principal amount
r stands for the interest rate per month
and n stands for tenure in months.

What is Pre-EMI?
You can opt for Advanced Disbursement Facility or Pre-EMI. In the first option, the wholw amount will be disbursed at a time and in the case of Pre-EMI, the amount is disbursed in installments.

EMI Calculators
State Bank of India EMI Calculator
ICICI EMI Calculator
HDFC EMI Calculator
Citi Bank EMI Calculator
LIC EMI Calculator
Bank of Baroda EMI Calculator
UCO Bank EMI Calculator
IDBI Bank EMI Calculator
Union Bank of India EMI Calculator
Axis Bank EMI Calculator
Canara Bank EMI Calculator
Bank of Maharashtra EMI Calculator
State Bank of Travancore EMI Calculator
Bank of India EMI Calculator
IDBI Bank EMI Calculator


Did you enjoy this post? Why not leave a comment below and continue the conversation, or subscribe to our feed and get articles like this delivered automatically to your feed reader? Like our Facebook Page.


Post a Comment
Previous Post Next Post