Calculate Your EMI Instantly
What is EMI and How Does it Work?
EMI stands for Equated Monthly Instalment. It’s the fixed amount you pay to the bank or financial institution every month until your loan is fully repaid. Each EMI consists of:
- Principal – The original loan amount you borrowed.
- Interest – The cost of borrowing from the bank.
In the initial months, the interest portion is higher, while in the later months, the principal portion is higher.
EMI Formula
The standard EMI formula is:
EMI = [P × R × (1+R)^N] / [(1+R)^N – 1]
Where:
- P = Loan Amount (Principal)
- R = Monthly Interest Rate (Annual Rate ÷ 12 ÷ 100)
- N = Loan Tenure (in months)
How to Use Our EMI Calculator
- Enter Loan Amount (₹)
- Enter Interest Rate (%)
- Enter Tenure (Months)
- Click “Calculate EMI”
- View EMI, total interest, and total payable instantly
- Check the pie chart for a visual breakdown
- Scroll down for the amortization schedule
Example EMI Calculation
Loan Amount: ₹5,00,000 | Interest Rate: 10% | Tenure: 5 years (60 months)
EMI = ₹10,624 per month | Total Interest = ₹1,37,440 | Total Payment = ₹6,37,440
Benefits of Using Our EMI Calculator
- Instant results
- Accurate formula used by banks
- Visual charts for easy understanding
- Amortization table included
- Works for all types of loans
Factors That Affect Your EMI
- Loan Amount
- Interest Rate
- Loan Tenure
- Type of Interest Rate (Fixed or Floating)
Tips to Reduce Your EMI
- Increase loan tenure
- Prepay a part of your loan
- Negotiate interest rates
- Refinance with a cheaper lender
FAQs about EMI Calculation
Q: Can I use this EMI Calculator for any loan?
A: Yes, for home, personal, car, education, gold loans, and more.
Q: Does this include GST or processing fees?
A: No, only loan amount, interest rate, and tenure are used.
Q: Is EMI fixed?
A: For fixed-rate loans, yes. For floating rates, it can change.
Q: Can I see month-by-month details?
A: Yes, check the amortization schedule below the calculator.
Summary
Our EMI Calculator is a fast, accurate, and user-friendly tool that helps you plan loan repayments effectively. Whether for a small personal loan or a large home loan, knowing your EMI in advance helps you budget better and avoid surprises.
