Calculate your monthly payment and total cost of any loan.
EMI (Equated Monthly Installment) is calculated using the formula: EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P is principal, r is monthly interest rate, and n is total number of monthly payments.
A shorter loan term means higher monthly payments but less total interest. Compare offers from multiple lenders and consider making extra payments to reduce total interest cost.
