An EMI Calculator is a utility tool, which helps you to calculate the amount you repay each month towards your loan. You can use the EMI calculator and calculate the EMI amount on a car loan, home loan, bike loan, or a personal loan. You get an idea of the monthly repayments you make towards these loans.
The EMI calculator uses the reducing balance method to calculate loan EMI and total interest payable using key data (Principal, Interest Rate and Tenure) as provided by the user.
EMI constitutes the principal amount along with the accrued interest.