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| # | EMI Date | Principal (₹) | Interest (₹) | Total Payment (₹) | Balance (₹) |
|---|
Equated Monthly Installment (EMI) is the fixed amount you pay to the bank every month until the loan is fully repaid. It consists of both the principal repayment and the interest on the outstanding amount.
During the initial months, a larger portion of the EMI goes toward interest. Over time, more of each payment is applied to the principal.
EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1)
Typically 8%–10% p.a., up to 30 years tenure. Largest loan amounts.
Usually 7%–12% p.a., 1–7 years tenure. Supports EMI in advance.
Typically 10%–20% p.a., 1–5 years. No collateral required.