EMI stands for Equated Monthly Instalment. The financial term EMI implies a standardized deduction or loan repayment amount that takes place in a specified format from the borrowers account on a particular day of every month. This pre-decided deduction amount depends on various factors. EMIs are calculated based on loan value, rate of interest applicable, and the period of the loan. You may use an EMI calculator to compute the EMI payable to complete repayment of a loan within the specified loan period. GPS Personal Loan EMI Calculator online help you to make the exact choice!
The mathematical formula for calculating your Equated Monthly Instalments
forms the base to calculate EMI. Here,
E = EMI or Equated Monthly Instalment,
P = Principal Loan Amount,
R = Rate of Interest,
N = Number of Monthly Instalments.
Your loan EMI depends on three factors, namely the loan amount or loan value, the rate of interest, and the tenure or period of the loan.