niloFinance Tools
EMI Calculator
An EMI is the fixed monthly instalment that repays a loan over its tenure. Seeing the full interest picture before borrowing helps a family choose tenure and amount calmly.
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Frequently asked questions
How is EMI calculated?
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the amount borrowed, r the monthly interest rate and n the number of monthly instalments. A zero-interest loan is simply the amount divided by the months.
Why does a longer tenure cost more overall?
A longer tenure lowers each instalment but the balance stays outstanding longer, so more interest accrues in total. The amortisation view makes this visible.
Do prepayments always help?
Prepayments reduce the outstanding balance early, which reduces future interest. Check whether your lender applies prepayment charges before deciding.