Calculate your Equated Monthly Installment (EMI) for loans
EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month.
EMI = [P x R x (1+R)^N] / [(1+R)^N-1], where P = Principal, R = Rate of interest, N = Number of installments.
Make a higher down payment, choose longer tenure, or make prepayments to reduce your EMI burden.