EMI (Equated Monthly Installment) is the fixed amount you pay every month towards your loan repayment.Every EMI consists of two parts:
Disclaimer : Enter numbers in your local currency — the calculation works the same regardless of currency.
EMI = P × R × (1 + R)N ÷ [(1 + R)N − 1]
Where,
Loan Amount : 10,00,000
Interest Rate : 8.5%
Tenure : 20 Years
Monthly EMI : 8,678