EMI Calculator

Determine equated monthly installments (EMI) for loans accurately.

Loan details

Affects display only.
Total amount you plan to borrow.
Please enter a valid loan amount greater than 0.
Annual percentage rate (APR).
Enter a valid annual interest rate (0 or greater).
Loan duration in months.
Enter a tenure of at least 1 month.
First payment month.
Please select a valid start month.
Advanced options
Additional principal paid each month.
Extra payment cannot be negative.

Results

Enter your details and click Calculate to see results.
Monthly EMI (P&I)
Total interest
Total of payments
Estimated payoff date

Principal vs. Interest

Amortization schedule

Scroll to view. Export full schedule via CSV.
# Date Begin Bal EMI (P&I) Extra Principal Interest End Bal Cum. Int.
EMI includes principal and interest only.

What is an Online EMI Calculator?

An Online EMI (Equated Monthly Installment) Calculator is a financial tool that helps individuals calculate their monthly loan payments (EMIs) for different types of loans, such as personal loans, home loans, car loans, etc. It uses the principal loan amount, interest rate, and loan tenure to calculate the amount that needs to be paid every month. This calculator helps borrowers plan their finances effectively by giving them an accurate monthly repayment figure.


How to Use an Online EMI Calculator?

  1. Enter the Loan Amount:

    • Input the total amount you want to borrow. This is the principal loan amount, excluding any down payment or deposits.
  2. Enter the Interest Rate:

    • Provide the annual interest rate (in percentage) offered by your lender. This will determine the interest you will pay over the loan term.
  3. Select the Loan Tenure:

    • Specify the loan term, i.e., the duration over which you plan to repay the loan. It could be a few months or years, depending on your loan agreement.
  4. Calculate:

    • After entering the loan amount, interest rate, and tenure, click the “Calculate” button. The EMI calculator will generate your monthly repayment amount (EMI).
  5. Review Additional Details (Optional):

    • Some EMI calculators allow you to include additional factors like processing fees, insurance, and other charges to get a more accurate estimate of your total monthly payment.

Frequently Asked Questions-

  1. What is an EMI?

    • EMI stands for Equated Monthly Installment. It is the fixed monthly amount that a borrower has to pay to the lender over the course of the loan term. The EMI includes both the principal amount and the interest charged on the loan.
  2. How is EMI calculated?

    • EMI is calculated using a standard formula:
    EMI=P×r×(1+r)n(1+r)n1\text{EMI} = \frac{P \times r \times (1 + r)^n}{(1 + r)^n - 1}

    Where:

    • PP is the principal loan amount.
    • rr is the monthly interest rate (annual rate divided by 12).
    • nn is the loan tenure in months.
  3. Can I change my EMI amount after it has been set?

    • Generally, your EMI amount is fixed for the loan tenure unless you choose to refinance or make an early payment. Some loans may offer flexible repayment options, allowing you to adjust your EMI in case of financial changes.
  4. Does the EMI calculator include extra charges?

    • Most EMI calculators give you the base EMI amount, but some also allow you to factor in extra charges like processing fees or insurance. You may need to manually add extra charges if your calculator doesn’t account for them.
  5. How can I reduce my EMI?

    • You can reduce your EMI by either reducing the loan amount, opting for a lower interest rate, or extending the loan tenure. However, extending the tenure may result in paying more interest over time. Another option is making a higher down payment, which reduces the principal loan amount.

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