How to use
- Enter the loan amount.
- Enter the yearly interest rate and the tenure in months.
- Read the EMI and the schedule.
Frequently asked questions
What formula does it use?
EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1), where r is the monthly rate and n the number of months. It is the standard reducing-balance method used by banks.