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EMI Calculator – Calculate Home Loan, Car Loan & Personal Loan EMI Online
Calculate Equated Monthly Installments (EMI) for home loans, car loans, personal loans, and business loans instantly. Our free EMI calculator helps you plan your loan repayments by showing monthly EMI amount, total interest payable, and complete amortization schedule.
Enter loan details to see EMI calculation
Adjust the sliders above to calculate your monthly EMI
How EMI is calculated?
EMI (Equated Monthly Installment) is calculated using the formula:
- P = Principal loan amount
- R = Monthly interest rate (annual rate ÷ 12 ÷ 100)
- N = Number of monthly installments
EMI Calculator Tips
- Lower interest rates reduce your EMI amount
- Longer tenure reduces monthly EMI but increases total interest
- Consider prepayments to reduce interest burden
- Check your affordability before taking a loan
What is EMI?
EMI (Equated Monthly Installment) is the fixed monthly amount you pay towards repaying your loan. It consists of two components:
- Principal Amount: Part of the loan amount you borrowed
- Interest Amount: Interest charged by the lender for the loan
EMIs are calculated using the reducing balance method, where interest is calculated on the outstanding principal amount. This means as you pay your EMIs, the interest portion decreases over time while the principal portion increases.
EMI Calculation Formula
The mathematical formula used to calculate EMI is:
Where:
- P (Principal): Loan amount borrowed
- R (Rate): Monthly interest rate (annual rate divided by 12)
- N (Tenure): Number of monthly installments
Example: For a loan of ₹10,00,000 at 8% annual interest for 20 years (240 months):
Monthly Interest Rate (R) = 8% / 12 = 0.6667%
EMI = [10,00,000 × 0.006667 × (1+0.006667)^240] / [(1+0.006667)^240 - 1]
EMI = ₹8,639 per month
Total Amount Payable = ₹8,639 × 240 = ₹20,73,360
Total Interest = ₹20,73,360 - ₹10,00,000 = ₹10,73,360
EMI Calculator Examples
Home Loan EMI Calculation
- Loan Amount: ₹50,00,000
- Interest Rate: 7.5% per annum
- Loan Tenure: 25 years (300 months)
Monthly EMI: ₹36,017
Total Interest: ₹58,05,100
Total Payment: ₹1,08,05,100
Car Loan EMI Calculation
- Loan Amount: ₹8,00,000
- Interest Rate: 9.5% per annum
- Loan Tenure: 5 years (60 months)
Monthly EMI: ₹16,775
Total Interest: ₹1,00,500
Total Payment: ₹9,00,500
Personal Loan EMI Calculation
- Loan Amount: ₹2,00,000
- Interest Rate: 12% per annum
- Loan Tenure: 2 years (24 months)
Monthly EMI: ₹9,275
Total Interest: ₹22,600
Total Payment: ₹2,22,600
Who Should Use EMI Calculator?
🏠 Home Buyers
Plan your home loan repayments and decide between different loan tenures and interest rates.
🚗 Car Buyers
Calculate auto loan EMIs to choose the right car financing option and monthly budget.
💼 Business Owners
Calculate business loan EMIs for expansion, equipment purchase, or working capital needs.
📚 Students
Calculate education loan EMIs to understand repayment obligations for higher studies.
💰 Personal Finance
Anyone planning to take a loan should use EMI calculator to understand affordability.
🏦 Loan Officers
Help customers understand loan options and create personalized loan proposals.
Benefits of Using EMI Calculator
💡 Financial Planning
Plan your monthly budget and ensure loan EMIs fit within your income.
⚖️ Compare Options
Compare different loan amounts, rates, and tenures to find the best option.
📊 Transparency
Understand exactly how much interest you'll pay over the loan tenure.
⚡ Instant Results
Get instant EMI calculations without complex manual calculations.
📱 Mobile Friendly
Calculate EMIs on-the-go using our responsive mobile-friendly calculator.
🔒 Secure & Free
Completely free tool with no registration required. Your data stays private.
Frequently Asked Questions About EMI Calculator
What is the difference between EMI and loan amount?
EMI is the monthly payment you make, while loan amount is the principal you borrow. For example, if you borrow ₹1,00,000 at 10% interest for 1 year, your EMI will be higher than ₹1,00,000 divided by 12, as it includes interest payments.
How does loan tenure affect EMI?
Longer loan tenure reduces monthly EMI but increases total interest paid. Shorter tenure increases monthly EMI but reduces total interest. Choose based on your monthly budget and financial goals.
What happens if I miss an EMI payment?
Missing EMI payments can lead to penalties, increased interest rates, and negative impact on your credit score. Some lenders may charge late payment fees. Contact your lender immediately if you anticipate difficulty in payment.
Can I change my EMI amount after loan disbursement?
Some lenders allow EMI restructuring or balance transfer options. You can also make prepayments to reduce outstanding principal and future EMIs. Check your loan agreement for available options.
What is the maximum EMI I can afford?
Financial experts recommend that EMI should not exceed 40-50% of your monthly take-home salary. Consider your other expenses, emergency fund, and lifestyle needs before deciding on loan amount.
How accurate is this EMI calculator?
Our calculator provides accurate results based on standard EMI calculation formulas. However, actual EMIs may vary slightly due to processing fees, prepayment options, and lender-specific terms. Always verify with your lender.
What is floating vs fixed interest rate?
Fixed interest rates remain constant throughout loan tenure. Floating rates change with market conditions. Use our calculator with current rates, but be prepared for EMI changes if you choose floating rates.
Can I calculate EMI for multiple loans?
Yes, you can use our calculator multiple times for different loans. Add up all EMIs to understand your total monthly debt obligation. Ensure total EMIs don't exceed your repayment capacity.