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EMI Calculator

Calculate your monthly Equated Monthly Installment (EMI) for home loans, car loans, or personal loans. Free and easy to use.

Loan Details

EMI is calculated using the formula: EMI = P × r × (1+r)^n / ((1+r)^n - 1) where P = principal, r = monthly interest rate, n = number of months.

EMI Summary

Enter loan details and click "Calculate EMI"

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Understanding EMI Calculation

EMI (Equated Monthly Installment) is the fixed amount you pay every month to repay a loan. It consists of both principal and interest components. The formula used is:

EMI = P × r × (1+r)^n / ((1+r)^n - 1)

Where:
P = Loan amount (principal)
r = Monthly interest rate (annual rate / 12 / 100)
n = Loan tenure in months

Our calculator instantly gives you the monthly EMI, total interest payable, and total amount to be paid over the loan term.

Why Use This Calculator?

Home Loan Planning

Estimate your monthly outflow before applying for a home loan.

Car Loan Budgeting

Check affordability before buying a car on loan.

Personal Loan Comparison

Compare EMI for different interest rates and tenures.

Frequently Asked Questions

What is EMI?
EMI stands for Equated Monthly Installment. It's the fixed amount you pay every month to repay a loan, including interest.
How is EMI calculated?
EMI is calculated using the formula: EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P is loan amount, r is monthly interest rate, and n is number of months.
Does EMI include both principal and interest?
Yes, each EMI payment covers the interest for that month and part of the principal. Over time, the principal portion increases and interest portion decreases.
Can I prepay my loan?
Most lenders allow prepayment, but may charge a prepayment penalty. Check with your bank.
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