Calculate Your Loan EMI
Get accurate EMI calculations for home loans, car loans, personal loans, and more
Loan Details
Payment Breakdown
Principal vs Interest
Yearly Payment Breakdown
About EMI Calculator
An EMI (Equated Monthly Installment) calculator helps you determine the monthly repayment amount for your loan. It calculates the fixed amount you need to pay each month, which includes both principal and interest components.
How EMI is Calculated
EMI is calculated using the formula:
- P = Principal loan amount
- R = Monthly interest rate (Annual rate ÷ 12 ÷ 100)
- N = Loan tenure in months
Key Benefits
- Plan your finances better by knowing your monthly obligations
- Compare different loan options easily
- Understand the total interest you'll pay over the loan tenure
- Make informed decisions about loan amount and tenure
Frequently Asked Questions
EMI stands for Equated Monthly Installment. It is the fixed amount you pay each month towards your loan, which includes both principal and interest components.
EMI is calculated using the formula: EMI = [P × R × (1+R)^N] / [(1+R)^N - 1], where P is the principal loan amount, R is the monthly interest rate, and N is the loan tenure in months.
EMI is affected by three main factors: loan amount (principal), interest rate, and loan tenure. Higher loan amount or interest rate increases EMI, while longer tenure reduces EMI.
Prepaying your loan reduces the principal amount, which can lower your EMI or reduce the loan tenure. Use our prepayment calculator to see the savings.