Posting this message for the benefit of other folks like myself who want to know the formula used for calculating the EMI. I found this info at: http://mathforum.org/dr.math/faq/faq.interest.html
EMI = Pi/[q(1-[1+(i/q)]^-nq)]. P = Loan Amount, or, Principal Amount i = Interest Rate per Year q = no of payment periods per year n = no of loan years
So, if you wanted to calculate the EMI for a loan amount of Rs.100000, with an interest rate of 7.25% per year, payable in monthly installments over 5 years:
