EMI - Equated Monthly Instalment
Equal Monthly Instalment (EMI) Calculator
getcalc.com's EMI Calculator is an online finance tool to calculate how much EMI should be made for every month until the loan is completely paid-off.
Definition & Formula
EMI is an acronym for Equal Monthly Instalment, a finance function or method used in the context of time value of money calculation, represents the monthly repayment as EMI towards a loan, which consists of partial amount of both principal and interest amount until a loan is completely paid off. It’s a fixed amount of payment for every month but the partial principal and interest amount within the EMI towards the loan gets increased and decreased respectively over the period of time.