EMI stands for equated monthly installment. I am sure you must have heard this term various a times. Say you purchased a TV from a shop worth Rs.20,000. Since you were not having sufficient money, you agreed upon to pay the amount in 2 years or say 24 equal monthly installment. Also it was decided that you will pay interest @ 12% pa.
Now the question is how to calculate the EMI. All you need to do is:
The Loan Amount
Rate of Interest
Time period for which loan is taken