EMI Calculator
About EMI Calculator
The EMI Calculator helps you calculate your monthly loan payment (EMI) for home, car, or personal loans. By entering your loan amount, interest rate, and tenure, you can instantly find out your EMI, total interest, and total payment — helping you make smarter financial decisions.
Formula (Simple Explanation)›
EMI = [P × R × (1 + R)^N] / [(1 + R)^N − 1]
Where: P = Loan amount, R = Monthly interest rate (annual rate ÷ 12 ÷ 100), N = Number of monthly installments.
Example:
Input: ₹5,00,000 loan at 10% annual interest for 5 years (60 months)
Output: EMI = ₹10,624, Total Interest = ₹1,37,440, and Total Payment = ₹6,37,440.
Steps to Use:
- Enter your loan amount (₹).
- Enter the annual interest rate (%).
- Enter the loan tenure (in months or years).
- Click 'Calculate' to get your EMI, total interest, and total payment instantly.
Frequently Asked Questions
What is an EMI?›
EMI (Equated Monthly Installment) is the fixed payment amount made by a borrower to repay a loan each month, which includes both the principal and interest components.
How is EMI calculated?›
EMI is calculated using the formula EMI = [P × R × (1 + R)^N] / [(1 + R)^N − 1], where P is the loan amount, R is the monthly interest rate, and N is the total number of months.
What factors affect your EMI?›
Your EMI depends on the loan amount, interest rate, and loan tenure. Increasing the tenure lowers EMI but increases total interest paid.
Can I reduce my EMI?›
Yes, you can reduce EMI by opting for a longer tenure, making a higher down payment, or transferring your loan to a lender offering a lower interest rate.
Is EMI the same for all types of loans?›
The calculation method remains the same, but interest rates and tenures differ for home loans, car loans, personal loans, and education loans.