Plan your repayment structure by checking interest payouts and monthly installments.
The mathematical formula used for EMI calculation is:
EMI = [P x R x (1+R)^N] / [((1+R)^N) - 1]
Where:
P is the principal loan amount borrowed.
R is the monthly interest rate (annual interest rate divided by 12 and then divided by 100).
N is the loan repayment tenure expressed in number of months (years multiplied by 12).