EMI = [P × R × (1 + R)^N] / [(1 + R)^N – 1]
P = principal loan amount
R = monthly interest rate
N = number of monthly installments
Monthly interest rate = annual interest rate ÷ 12 ÷ 100
Convert the loan tenure into months
Substitute P, R, and N into the formula
Calculate the EMI value
EMI = principal + interest paid monthly over the loan tenure