EMI for a 1,000,000 loan at 6% for 3 years
Monthly EMI on a 1,000,000 loan at 6% annual interest over 3 years is 30,421.94. Total interest 95,189.75, total payable 1,095,189.75.
30,421.94 per month
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Full breakdown
| Monthly EMI | 30,421.94 |
| Number of payments | 36 |
| Total interest | 95,189.75 |
| Total amount payable | 1,095,189.75 |
| Interest as % of principal | 9.5% |
Step-by-step working
- Monthly rate r = 6% ÷ 12 ÷ 100 = 0.005000
- Number of months n = 3 × 12 = 36
- EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1) = 30,421.94
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
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