Calculator

EMI Calculator - Calculate Your Loan EMI Online

Calculate your monthly EMI for home loans, car loans, personal loans, or any other type of loan. Get instant results with detailed amortization schedule and payment breakdown.

Calculate Your EMI
₹
₹10K₹1Cr
%
1%30%
Mo
1 Month30 Years
EMI Calculation Results

Monthly EMI

₹87,916

Total Interest

₹54,991

Total Payment

₹10,54,991

Payment Breakdown

Principal: ₹10,00,000
Interest: ₹54,991
Amortization Schedule
MonthEMIPrincipalInterestBalance
187,91679,5838,3339,20,417
287,91680,2467,6708,40,172
387,91680,9147,0017,59,257
487,91681,5896,3276,77,669
587,91682,2695,6475,95,400
687,91682,9544,9625,12,446
787,91683,6464,2704,28,800
887,91684,3433,5733,44,458
987,91685,0452,8702,59,412
1087,91685,7542,1621,73,658
1187,91686,4691,44787,189
1287,91687,1897270

Advertisement

Understanding EMI Calculation

An EMI (Equated Monthly Installment) is a fixed payment made by a borrower to a lender on a specified date each month. Our EMI calculator uses the reducing balance method, which is the standard method used by banks and financial institutions in India.

EMI Formula

The mathematical formula for calculating 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

Tips for Managing Your EMI

  • Keep your EMI below 40% of your monthly income for comfortable repayment
  • Compare interest rates from multiple lenders before finalizing
  • Consider making prepayments when possible to reduce total interest
  • Choose a tenure that balances affordable EMIs with reasonable total interest
  • Factor in processing fees and other charges when calculating total loan cost

Types of Loans for EMI Calculation

This EMI calculator can be used for various types of loans including home loans, car loans, personal loans, education loans, two-wheeler loans, and business loans. Each loan type may have different interest rates and tenure options, so be sure to enter the correct values for accurate calculations.

Frequently Asked Questions

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?
EMI is calculated using the formula: EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P is the principal loan amount, R is the monthly interest rate (annual rate/12/100), and N is the loan tenure in months.
What factors affect my EMI amount?
Three main factors affect your EMI: the principal loan amount (higher amount = higher EMI), the interest rate (higher rate = higher EMI), and the loan tenure (longer tenure = lower EMI but more total interest paid).
Is prepayment of loan beneficial?
Yes, prepayment can significantly reduce your total interest burden. By paying extra towards your principal, you reduce the outstanding amount on which interest is calculated, potentially saving lakhs of rupees over the loan tenure.
What is the difference between flat rate and reducing balance EMI?
In flat rate EMI, interest is calculated on the entire principal throughout the tenure. In reducing balance (which this calculator uses), interest is calculated on the remaining principal, making it more borrower-friendly with lower total interest.
Built with v0