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EMI Calculator
Calculate your loan EMI and interest
About EMI Calculator
An Equated Monthly Installment (EMI) 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.
How it works?
E = P x R x (1+R)^N / [(1+R)^N-1]- E = EMI
- P = Principal Loan Amount
- R = Monthly Interest Rate
- N = Loan Tenure in Months
Key Benefits
Financial Planning: Knowing your EMI helps you budget your monthly expenses better.
Loan Comparison: Determine which loan offer is cheaper by comparing EMIs.
Prepayment Planning: Understand how much interest you save by increasing your EMI or prepaying.
Frequently Asked Questions
Does EMI change if interest rate changes?
Yes, for floating rate loans (like home loans), if the repo rate changes, your interest rate and consequently your EMI or tenure will change.
Should I opt for a shorter or longer tenure?
Shorter tenure means higher EMI but lower total interest paid. Longer tenure reduces monthly EMI burden but increases total interest cost significantly.
What is a reducing balance method?
Interest is calculated on the outstanding principal at the end of each month, not the original loan amount. Most retail loans (Home, Car) function this way.