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| Month | EMI | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | ₹21,696 | ₹3,987 | ₹17,708 | ₹24,96,013 |
| 2 | ₹21,696 | ₹4,015 | ₹17,680 | ₹24,91,997 |
| 3 | ₹21,696 | ₹4,044 | ₹17,652 | ₹24,87,953 |
| 4 | ₹21,696 | ₹4,073 | ₹17,623 | ₹24,83,881 |
| 5 | ₹21,696 | ₹4,101 | ₹17,594 | ₹24,79,779 |
| 6 | ₹21,696 | ₹4,130 | ₹17,565 | ₹24,75,649 |
| 7 | ₹21,696 | ₹4,160 | ₹17,536 | ₹24,71,489 |
| 8 | ₹21,696 | ₹4,189 | ₹17,506 | ₹24,67,300 |
| 9 | ₹21,696 | ₹4,219 | ₹17,477 | ₹24,63,081 |
| 10 | ₹21,696 | ₹4,249 | ₹17,447 | ₹24,58,832 |
| 11 | ₹21,696 | ₹4,279 | ₹17,417 | ₹24,54,553 |
| 12 | ₹21,696 | ₹4,309 | ₹17,386 | ₹24,50,244 |
| 13 | ₹21,696 | ₹4,340 | ₹17,356 | ₹24,45,905 |
| 14 | ₹21,696 | ₹4,370 | ₹17,325 | ₹24,41,534 |
| 15 | ₹21,696 | ₹4,401 | ₹17,294 | ₹24,37,133 |
| 16 | ₹21,696 | ₹4,433 | ₹17,263 | ₹24,32,700 |
| 17 | ₹21,696 | ₹4,464 | ₹17,232 | ₹24,28,236 |
| 18 | ₹21,696 | ₹4,496 | ₹17,200 | ₹24,23,741 |
| 19 | ₹21,696 | ₹4,527 | ₹17,168 | ₹24,19,213 |
| 20 | ₹21,696 | ₹4,559 | ₹17,136 | ₹24,14,654 |
| 21 | ₹21,696 | ₹4,592 | ₹17,104 | ₹24,10,062 |
| 22 | ₹21,696 | ₹4,624 | ₹17,071 | ₹24,05,438 |
| 23 | ₹21,696 | ₹4,657 | ₹17,039 | ₹24,00,781 |
| 24 | ₹21,696 | ₹4,690 | ₹17,006 | ₹23,96,091 |
EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ - 1)P = Principal Loan Amount
r = Monthly Interest Rate (Annual Rate / 12 / 100)
n = Number of Monthly Installments
For a loan of ₹25,00,000 at 8.5% p.a. for 20 years:
Monthly Rate = 8.5 / 12 / 100 = 0.00708
EMI = ₹25,00,000 × 0.00708 × (1.00708)²⁴⁰ / ((1.00708)²⁴⁰ - 1)
EMI ≈ ₹21,696
EMI stands for Equated Monthly Installment. It is the fixed monthly payment made to a lender to repay a loan within a specified period. EMI consists of both principal and interest components.
EMI is calculated using the formula: EMI = 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 monthly installments.
Prepayment reduces the outstanding principal, which can either reduce the EMI amount or shorten the loan tenure, depending on the option you choose with your lender.
Three main factors affect EMI: the loan amount (principal), the interest rate, and the loan tenure. A higher principal or interest rate increases EMI, while a longer tenure decreases it.