The EMI Calculator is used to calculate the EMI (Equated Monthly Installment) and find out how much you need to pay every month towards your loan repayment.
EMI stands for equated monthly installment, which is a fixed payment owed each month on a property mortgage or other loan.
The EMI calculation formula is as follows:
P = principal loan amount
r = annual interest rate / 12
n = number of monthly installments