EMI Calculator
Calculate Equated Monthly Installment for loans with detailed breakdown
Total loan amount in your currency
Annual interest rate
Repayment period in years
About This Calculator
EMI (Equated Monthly Installment) is the fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMIs are used to pay off both interest and principal each month so that over a specified number of years, the loan is fully paid off.
Our EMI calculator helps you understand your monthly obligations before taking a loan. Whether it's a home loan, car loan, personal loan, or education loan, knowing your EMI in advance helps you plan your finances better.
The EMI amount depends on three factors: the loan amount (principal), the interest rate, and the loan tenure. A higher loan amount or interest rate increases your EMI, while a longer tenure reduces it but increases total interest paid.
How to Use This Calculator
- 1Enter the total loan amount you need
- 2Input the annual interest rate offered
- 3Select the loan tenure in years
- 4View your monthly EMI and total costs instantly
When to Use This Calculator
- Planning to take a home loan
- Buying a car on finance
- Considering a personal loan
- Education loan planning
- Debt consolidation
The Formula
EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ - 1)EMI (Equated Monthly Installment) is the fixed payment amount made by a borrower to a lender at a specified date each calendar month.
Variables:
- P = Principal — Loan amount
- r = Monthly Rate — Annual rate / 12 / 100
- n = Tenure — Number of monthly installments
Example Calculations
Home Loan EMI
A ₹30 lakh home loan at 8.5% for 20 years has an EMI of ₹26,036.
Car Loan EMI
An ₹8 lakh car loan at 9% for 5 years has an EMI of ₹16,607.
Frequently Asked Questions
EMI stands for Equated Monthly Installment. It is the fixed amount you pay every month to repay your loan, covering both principal and interest.
EMI is calculated using the formula: EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ - 1), where P is principal, r is monthly interest rate, and n is number of installments.
Yes, a longer tenure reduces your monthly EMI, but you pay more total interest over the loan lifetime.
Most loans allow prepayment, though some may charge a fee. Prepaying reduces your principal and can lower total interest or tenure.
Missing an EMI can result in late fees, affect your credit score, and may lead to loan default if repeated.
💡 Pro Tips
- •A shorter tenure means higher EMI but less total interest
- •Compare EMIs from different lenders before deciding
- •Keep your total EMIs under 40% of monthly income
- •Consider prepayment options to reduce interest
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