Dream Big, Pay Smart

💡 EMI (Equated Monthly Installment) Made Simple

What is EMI?
A fixed monthly payment to repay your loan, covering both principal and interest, so your loan is fully cleared by the end of the tenure.

📊 EMI Formula
EMI = (P × R × (1+R)^N) / ((1+R)^N - 1)
- P = Principal loan amount
- R = Monthly interest rate (Annual ÷ 12 ÷ 100)
- N = Loan tenure in months

🔄 How It Works
- Start: Higher interest, lower principal repayment
- Later: Principal repayment increases, interest decreases
- Total interest depends on loan amount, rate, and tenure

✅ Why EMI is Useful
- Plan your monthly budget
- Compare loan offers easily
- Borrow in a predictable, manageable way

💡 Pro Tips to Reduce EMI
- Shorter tenure → higher EMI, lower interest
- Prepay part of principal → reduce total interest
- Choose loans with lower interest rates