EMI (Equated Monthly Installment) is the fixed amount you pay monthly towards your loan, which includes both principal and interest components.
Formula: EMI = [P × R × (1+R)^N] / [(1+R)^N - 1]
Where P = Principal, R = Monthly Interest Rate, N = Number of months
EMI stands for Equated Monthly Installment. It's the fixed amount you pay each month to repay your loan, including both principal and interest.
EMI is calculated using the formula: [P × R × (1+R)^N] / [(1+R)^N - 1], where P is the principal amount, R is the monthly interest rate, and N is the number of months.
Yes, you can reduce EMI by increasing the loan tenure or negotiating a lower interest rate. However, a longer tenure means paying more total interest.