Frequently Asked Questions
What is an EMI?
An Equated Monthly Instalment is the fixed amount you pay every month towards a loan, covering both principal and interest.
How is EMI calculated?
EMI = P x r x (1+r)^n / ((1+r)^n – 1), where P is the principal, r the monthly interest rate and n the number of months.
Does prepayment reduce EMI?
Prepayment reduces your outstanding principal, which can lower either your remaining tenure or your future EMIs.
Which loans can I calculate EMI for?
You can use it for home, car, personal, education and most other loans with a fixed interest rate and tenure.
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