💡 EasyEMI - Plan Your Loan Smarter

What is EMI?

EMI (Equated Monthly Installment) is the fixed monthly payment you make to repay a loan over a specified tenure at a certain interest rate.

EMI Formula

EMI = [P × r × (1+r)^n] / [(1+r)^n – 1]

Where:
P = Loan Amount, r = monthly interest rate, n = number of months

Types of Interest Rates

• Fixed Rate: Interest remains the same throughout the tenure.
• Floating Rate: Interest changes periodically based on market rates.
• Hybrid: Combination of fixed for initial period and floating later.

Tips for EMI Planning

• Keep EMI ≤ 40% of your monthly income to avoid financial stress.
• Shorter tenure reduces interest but increases EMI.
• Make prepayments whenever possible to reduce total interest.
• Compare different lenders for better rates and processing fees.