As I said above that Online EMI Calculator stands for Equated Monthly Instalment or EMI in short. EMI is the amount payable every month to the bank or any other financial institution until the loan amount is fully paid off. EMI consists of the interest on loan as well as part of the principal amount to be repaid. The sum of principal amount and interest is divided by the repayment tenure, i.e., number of months, in which the loan has to be repaid. You can calculate EMI on your own by the formula mentioned below or you can do it using this EMI Calculator.
