EMI (equated monthly instalment) is the fixed amount you pay every month on a loan. Indian banks use the reducing-balance formula EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of months. Early EMIs are mostly interest; later ones are mostly principal. For example, a ₹20 lakh home loan at 8.5% for 20 years gives an EMI of about ₹17,356 and total interest of roughly ₹21.65 lakh, more than the loan itself. Adjusting tenure or rate here shows how much a shorter loan or a lower rate saves before you sign.
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