FileSenixWhen you buy a house or a car using a loan from the bank, you do not pay all the money back at once. Instead, you pay a small amount every single month. This monthly payment is called an EMI.
An EMI includes a piece of the money you borrowed, plus an extra fee called interest. Banks charge interest for letting you use their money.
Figuring out exactly how much you need to pay each month involves hard math. But you do not need to do the math yourself! You can use our EMI Calculator tool.
Just type in the total loan amount, the interest rate, and how many years you have to pay it back. The calculator instantly tells you your exact monthly payment so you can plan your budget.