EMI Calculator

EMI stands for Equated Monthly Installment. It is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMIs are used to pay off both interest and principal every month so that over a specified number of years, the loan is paid off in full.

Advantages of EMI:

• Budget Management: EMIs allow you to break down a large expense into smaller, more manageable monthly payments, helping you to budget your finances better.
• Predictable Payments: Since EMIs are fixed, they provide predictability in your monthly expenses, making it easier to plan your finances.
• Accessibility to Expensive Purchases: EMI schemes make it easier to afford expensive items, such as homes, cars, or electronics, by spreading the cost over several months or years.
• Improved Cash Flow: Paying in EMIs improves your cash flow since you retain more of your cash each month compared to making a one-time payment.