Formula of EMI Calculation -
EMI = P x R x T / (T - 1)
T = (1 + R)^n
R as Rate Monthly Basis
T as Time Period
n as number of months
P as Principal Loan Amount
e.g if Rate is 10.15 % per annum then R = 10.15/1200 = 0.0084583333
no of months n = 360
T = (1+0.0084583333)^ 360 = 20.7426993557...