CALCULATOR GUIDE
How EMI Is Calculated
An EMI is the periodic payment used to repay a loan over a chosen tenure at a stated interest rate.
PRACTICAL GUIDE
What to consider
Use this guide as a starting framework. Requirements, rules and opportunities can change, so verify important current information with the relevant official or authoritative source.
1. PrincipalThe principal is the amount borrowed.
2. Interest rateThe interest rate affects the total cost of borrowing and the periodic payment.
3. TenureA longer tenure can reduce the periodic payment but may increase total interest paid.
4. AmortizationEach payment generally contains both interest and principal components, with the balance changing over time.
5. Compare total costDo not judge a loan only by the monthly EMI; compare the total repayment and other applicable charges.
CONTINUE WITH PLATEABLE
Use Plateable's EMI Calculator to estimate a repayment schedule from the basic loan inputs.
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