How EMI is calculated
EMI = P × r × (1 + r)n ÷ [(1 + r)n − 1], where P is the loan amount, r the monthly interest rate (yearly rate ÷ 12 ÷ 100) and n the number of monthly instalments.
Interest is charged on the outstanding balance, so early EMIs are mostly interest and later ones mostly principal. Prepaying early in the loan saves the most interest. A longer tenure lowers the EMI but raises the total interest you pay.
Results are estimates for illustration only, not financial advice. Banks and schemes may round, apply TDS or use slightly different day counts — confirm figures with your bank or employer.