How it works
Equated monthly instalments spread a loan into a fixed payment. This uses the standard reducing-balance formula used for home, car, and personal loans in India. You enter the principal, the annual interest rate, and the tenure in months. The result is the EMI, the total you would pay, and how much of that is interest.
EMI = P × i × (1 + i)^n / ((1 + i)^n − 1), where i is the monthly interest rate.