EMI Calculator

Wondering how much you’ll pay every month on your loan? Use our smart EMI Calculator to get quick, accurate estimates for your home loan, personal loan, or car loan—all in one place. Just enter your loan amount, interest rate, and tenure to view your EMI, total interest, and repayment plan instantly.

No math. No guesswork. Just clear numbers to help you borrow smart and stay in control of your finances.

EMI, or Equated Monthly Instalment, is the fixed amount a borrower pays every month to repay a loan. It includes both the principal and the interest, ensuring that the loan is repaid over a specified tenure in equal payments. EMIs simplify loan repayments, making it easier to manage your finances.

Using an EMI calculator is simple and takes only a few seconds. Just follow these steps:

• Enter the Loan Amount you wish to borrow.
• Select the Loan Tenure in months or years.
• Input the Interest Rate offered by your lender.
• Hit “Calculate” to view your EMI, total interest payable, and total repayment amount.

You can tweak the values to find the most suitable loan plan based on your budget.

Several key factors determine how much EMI you’ll need to pay.

• Loan Amount: Higher the amount, higher the EMI.
• Interest Rate: Even a small difference in rate affects the EMI significantly.
• Loan Tenure: Longer tenure lowers EMI but increases total interest.
• Type of Interest: Fixed vs floating interest rates impact EMI differently.
• Processing Fees & Prepayment: Additional costs or early payments may affect your overall repayment schedule.

Not all loans are the same, and neither are EMI calculators. Here are some popular variants:

• Home Loan EMI Calculator

Helps you estimate monthly payments for purchasing or constructing a home. Perfect for long tenures and large loan amounts.

• Personal Loan EMI Calculator

Useful for calculating EMIs for short-term, unsecured loans for travel, weddings, medical needs, or emergencies.

• Car Loan EMI Calculator

Gives quick EMI estimates when financing a new or used car, helping you stay within your monthly budget.

• Education Loan EMI Calculator

Ideal for students or parents planning education loans with moratorium periods and flexible tenures.

• Bike Loan EMI Calculator

Calculates EMIs for two-wheeler loans, allowing users to plan affordable monthly repayments with minimal down payment.

• Business Loan EMI Calculator

Helps entrepreneurs estimate repayments for business expansion, working capital, or equipment financing.

• Loan Against Property EMI Calculator

Estimates EMIs for secured loans availed using residential or commercial property as collateral.

• Top-Up Loan EMI Calculator

Calculates additional EMIs for top-up loans taken over an existing loan, helping you understand overall financial impact.

The standard formula to calculate EMI is:

®   EMI = [P × R × (1+R)^N] / [(1+R)^N – 1]

Where:

P = Principal Loan Amount

R = Monthly Interest Rate (Annual Rate ÷ 12 ÷ 100)

N = Loan Tenure in Months

Example:

If you take a loan of ₹5,00,000 at 10% annual interest for 3 years (36 months):

• P = 5,00,000
• R = 10 / 12 / 100 = 0.00833
• N = 36

Plug in the values to get your EMI ≈ ₹16,134

• Principal

The original loan amount you borrow from the lender. This amount reduces over time as you make EMI payments.

• Interest Rate

The percentage charged by the lender on the loan amount. It can be fixed or floating depending on your loan type.

• Loan Tenure

The duration (in months or years) over which the loan is to be repaid. A longer tenure reduces EMI but increases total interest.

• EMI (Equated Monthly Instalment)

A fixed monthly payment combining both principal and interest, spread evenly over the loan tenure.

• Amortization

The process of gradually repaying the loan over time through scheduled EMIs that reduce the principal and interest.

• Prepayment

An optional payment made before the end of the loan term, which reduces the outstanding principal and interest burden.

• Processing Fee

A one-time charge by the lender for processing your loan application, usually a percentage of the loan amount.

An amortization schedule gives a detailed breakdown of your loan repayment over time.

Opening Principal

This is the remaining loan balance at the start of a specific EMI cycle. It keeps decreasing every month as you repay your loan.

• Principal Repayment (A)

The portion of your EMI that directly reduces the outstanding loan amount. This component increases with each payment.

• Interest Payment (B)

The part of your EMI that goes toward paying interest to the lender. It is higher in the initial months and gradually decreases over time.

• Monthly EMI (A+B)

Your fixed monthly installment, which is a sum of principal repayment (A) and interest payment (B). It stays constant throughout the loan term.

• Outstanding Principal

The remaining unpaid loan amount after each EMI is deducted. This value keeps reducing until it reaches zero at the end of the tenure.

Here’s why an EMI calculator is your loan-planning companion.

• Helps you plan your finances accurately by giving instant EMI estimates before applying for a loan.
• Lets you compare different loan amounts, interest rates, and tenures to find the best-fit option.
• Saves time by eliminating manual calculations and reducing errors.
• Supports multiple loan types, giving you a complete picture of all your borrowing options
• Improves financial decision-making by showing the total cost of the loan, including interest.
• Prepares you for prepayments or balance transfers by giving insight into amortization and repayment schedules.