EMI Calculator
Calculate your Equated Monthly Installment (EMI) for home loans, car loans, personal loans, and more. Plan your finances better with accurate EMI calculations.
Principal loan amount
Annual interest rate
Repayment period
What Is EMI?
EMI (Equated Monthly Installment) is a 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 paid off in full. With most common types of loans, such as home loans, car loans, and personal loans, the borrower makes fixed periodic payments to the lender over several years.
EMI Calculation Formula
EMI = P × r × (1 + r)ⁿ / ((1 + r)ⁿ - 1)
P = Principal loan amount
r = Monthly interest rate (Annual rate / 12 / 100)
n = Loan tenure in months
EMI Calculation Example
Let's calculate EMI for a home loan of ₹50,00,000 at an interest rate of 8.5% per annum for 20 years.
P = ₹50,00,000
r = 8.5 / 12 / 100 = 0.00708
n = 20 × 12 = 240 months
EMI = 50,00,000 × 0.00708 × (1.00708)²⁴⁰ / ((1.00708)²⁴⁰ - 1)
EMI = ₹43,391 per month
Total Amount Payable: ₹1,04,13,840
Total Interest: ₹54,13,840
Factors Affecting Your EMI
Loan Amount
Higher the principal, higher the EMI. Borrow only what you need.
Interest Rate
Even small rate differences significantly impact total interest paid.
Loan Tenure
Longer tenure = lower EMI but more total interest paid.
Prepayment
Part-payments can reduce tenure and total interest significantly.
Frequently Asked Questions
Disclaimer
This calculator provides estimates for informational purposes only. Actual EMI may vary based on processing fees, insurance, and other charges. Please consult your lender for exact EMI calculations. Interest rates and terms are subject to change based on lender policies and your credit profile.