An EMI also called Equated Monthly Installment, is a popular way of paying your loan every month. It is basically a uniform amount of loan that is distributed over the tenure of the loan. EMI can be availed from banks and financial institutions for a wide variety of loans, including those for home loans, auto loans, personal loans, gold loans etc. The important thing here to note is that you would need to approach the bank and ask for the tenure and the interest rates.
How to Calculate an EMI? : An EMI can be calculated using an EMI Calculator. All you need for the purpose is feed the amount of the loan, the interest rates and the tenure of the loan. This is what you can find from the bank. Once you get this information, you can feed it in the EMI calculator and arrive at the monthly equated installment that you are likely to pay. You should use a calculator for two reasons: one is for comparison of the best EMI rates from banks and one is for helping you in your own cashflows.