EMI Calculator

Calculate your Equated Monthly Installment (EMI) for home loans, car loans, and personal loans. Get accurate monthly payment amounts, total interest, and payment schedule with our free EMI calculator.

EMI Calculator

Enter your loan details to calculate monthly EMI, total interest, and payment schedule

Loan Amount ($)

Enter the total amount you want to borrow

Interest Rate (% per annum)

Annual interest rate offered by lender

Loan Tenure

Duration to repay the loan completely

Key Features

Calculate EMI for any loan amount and tenure

Get total interest and payment breakdown

Supports both years and months tenure

Instant and accurate calculations

Works for home, car, and personal loans

Understanding EMI

EMI Formula: EMI = [P×R×(1+R)^N]/[(1+R)^N-1]

P: Principal loan amount

R: Monthly interest rate (annual rate ÷ 12)

N: Number of monthly installments

EMI Tips & Strategies

Lower EMI: Choose longer tenure but pay more total interest

Save Interest: Make prepayments to reduce principal faster

Compare Offers: Small rate differences make big impact

Budget Rule: Keep EMI under 40% of monthly income

Fixed vs Floating: Fixed rates provide stability, floating may offer savings

Tax Benefits: Home loan interest may be tax-deductible

Frequently Asked Questions

What is EMI?

EMI stands for Equated Monthly Installment. It's the fixed amount you pay every month to repay your loan, including both principal and interest components.

How is EMI calculated?

EMI is calculated using the formula: EMI = [P×R×(1+R)^N]/[(1+R)^N-1], where P is principal, R is monthly interest rate, and N is number of months.

What affects EMI amount?

EMI amount depends on three factors: loan amount (principal), interest rate, and loan tenure. Higher amount or rate increases EMI, while longer tenure reduces it.

Can I prepay my loan?

Yes, most loans allow prepayment. Making prepayments reduces the principal amount and can significantly save on total interest paid over the loan tenure.

What is the ideal EMI to income ratio?

Financial experts recommend keeping your total EMI payments under 40% of your monthly income to maintain a healthy debt-to-income ratio.

Does EMI include insurance?

Basic EMI includes only principal and interest. However, lenders may add loan insurance premiums, processing fees, or other charges to your monthly payment.

What happens if I miss EMI payments?

Missing EMI payments can result in late fees, penalty interest, negative credit score impact, and in severe cases, loan default and asset seizure.

Fixed vs Floating interest rate?

Fixed rates remain constant throughout the loan term, while floating rates change with market conditions. Fixed offers stability, floating may offer savings when rates decline.

How does loan tenure affect total interest?

Longer tenure reduces monthly EMI but increases total interest paid. For example, a 30-year loan costs much more in total interest than a 15-year loan.

Can EMI change during the loan term?

EMI remains fixed for fixed-rate loans. For floating-rate loans, EMI may change when interest rates change, or you can choose to keep EMI fixed and adjust tenure.