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
- 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
Formula
EMI = P × r × (1+r)⿠/ ((1+r)⿠- 1)EMI (Equated Monthly Installment) is the fixed payment amount made by a borrower to a lender at a specified date each calendar month.
FAQ
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)⿠/ ((1+r)⿠- 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.