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The loan EMI (Equated Monthly Installment) is calculated using a standard amortization formula:
EMI = [P × R × (1+R)^N] ÷ [(1+R)^N – 1]
This formula ensures equal monthly payments throughout the tenure, covering both principal and interest.
EMI (Equated Monthly Installment) is the fixed amount you pay every month towards your loan repayment.
Yes, EMI covers both principal repayment and interest charges, distributed across the loan term.
Yes, you can reduce EMI by opting for a longer tenure, negotiating a lower interest rate, or making part-prepayments.
Yes, it uses the standard amortization formula. However, actual EMI may vary slightly depending on lender fees or additional charges.