Advanced EMI Calculator
Calculate your Equated Monthly Installments, view payment schedules, and get personalized loan recommendations.
EMI Calculator
Calculate your Equated Monthly Installments and plan your loan repayment
EMI Calculation Results
| Month | EMI | Principal | Interest | Balance |
|---|
How to Use Our EMI Calculator
- Enter the loan amount - Input the principal amount you wish to borrow.
- Set the interest rate - Enter the annual interest rate offered by your lender.
- Choose the loan tenure - Select the repayment period in years or months.
- Add extra payments (optional) - If you plan to make additional payments, enter the amount.
- Click "Calculate EMI" - Get your EMI result along with detailed payment breakdown.
- Review your results - See your EMI breakdown, payment composition, and amortization schedule.
- Download your results - Save your EMI calculation as a PDF for your records.
Why Calculate Your EMI?
Financial Planning
Understand your monthly financial commitment before taking a loan.
Budget Management
Plan your monthly budget by knowing your exact EMI amount.
Loan Comparison
Compare different loan offers to find the most suitable one.
Savings Planning
Plan your savings and investments around your EMI commitments.
Understanding EMI
What is EMI?
EMI stands for Equated Monthly Installment. It 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 is EMI Calculated?
The EMI calculation is based on three key factors:
- Principal Amount - The original loan amount borrowed
- Interest Rate - The annual rate of interest charged on the loan
- Loan Tenure - The duration over which the loan will be repaid
EMI Formula
The mathematical formula for calculating EMI is:
EMI = [P x R x (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
Factors Affecting Your EMI
- Loan Amount - Higher loan amounts result in higher EMIs
- Interest Rate - Higher interest rates increase your EMI
- Loan Tenure - Longer tenures reduce EMI but increase total interest paid
- Credit Score - Better credit scores may qualify you for lower interest rates
- Loan Type - Different types of loans (home, car, personal) have different interest structures
Frequently Asked Questions
EMI (Equated Monthly Installment) is the fixed monthly payment you make to repay your loan. It's important because it helps you budget your monthly expenses and understand the total cost of borrowing before committing to a loan.
A higher interest rate increases your EMI amount and the total interest paid over the loan tenure. Even a small difference in interest rate can significantly impact your total repayment amount.
A longer tenure reduces your EMI but increases the total interest paid. A shorter tenure increases your EMI but reduces the total interest. Choose based on your monthly budget and how quickly you want to be debt-free.
Extra payments directly reduce your principal amount, which can significantly reduce your total interest paid and shorten your loan tenure. Even small extra payments can make a big difference over time.
An amortization schedule is a table that shows the breakdown of each EMI payment into principal and interest components, along with the remaining loan balance after each payment.
Most lenders allow prepayment, but some may charge a prepayment penalty. Check with your lender about their prepayment policies and any associated fees.