EMI is calculated using the formula: EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P is the principal loan amount, R is the monthly interest rate, and N is the number of monthly installments.

The three main factors that affect your EMI are: loan amount, interest rate, and loan tenure. A higher loan amount or interest rate increases EMI, while a longer tenure reduces EMI.

Yes, you can reduce your EMI by either negotiating a lower interest rate, increasing your loan tenure, or making a larger down payment to reduce the principal amount.

An amortization schedule is a table that shows the breakdown of each EMI payment into principal and interest components over the entire loan tenure. It helps you understand how your loan balance decreases over time.

In reducing balance method, interest is calculated on the outstanding principal balance, which decreases over time. In flat interest rate method, interest is calculated on the original loan amount for the entire tenure, resulting in higher interest payments.

Yes, making prepayments reduces your principal amount, which in turn reduces the total interest paid over the loan tenure. However, some lenders may charge a prepayment penalty, so it's important to check your loan agreement.

A longer loan tenure reduces your EMI but increases the total interest paid over the life of the loan. A shorter tenure increases EMI but reduces total interest paid. It's important to find the right balance based on your financial situation.

A higher down payment reduces your principal loan amount, which in turn reduces both your EMI and the total interest paid over the loan tenure. It also improves your loan eligibility and may help you secure a better interest rate.

Generally, EMI remains fixed for the entire loan tenure in fixed-rate loans. However, some lenders offer EMI reset options or allow you to make partial prepayments which can reduce your EMI. In floating rate loans, EMI may change when interest rates change.

Missing an EMI payment can lead to late payment fees, a negative impact on your credit score, and potential legal action from the lender if payments are consistently missed. It's important to contact your lender immediately if you anticipate difficulty in making a payment.

The EMI calculation formula is the same for all types of loans. However, home loans typically have longer tenures (up to 30 years) and lower interest rates compared to personal loans, which usually have shorter tenures (up to 5-7 years) and higher interest rates.

You can use this calculator to input different loan amounts, interest rates, and tenures from various lenders to compare the resulting EMIs, total interest payable, and overall cost of each loan option. This helps you make an informed decision about which loan offer is most suitable for your financial situation.