FileSenixWhen you want to buy a big house or a shiny new car, you usually do not have all that money saved up in your piggy bank. You have to ask the bank to lend you the money.
The bank does not ask you to pay all the money back on the very same day. Instead, they let you pay a small amount every single month. This small monthly payment is called an EMI.
An EMI includes a little piece of the money you borrowed, plus an extra fee called interest. Banks charge this extra interest fee because they are doing you a favor by letting you use their money.
Figuring out exactly how much money you need to pay each month involves some very hard math. It can give you a headache trying to figure out all the numbers by yourself.
But you absolutely do not need to do the math yourself! You can easily use our free EMI Calculator tool to do all the hard work for you.
Just type in the total loan amount, the interest rate, and how many years you have to pay it back. The calculator instantly tells you your exact monthly payment so you can plan your budget without any stress.