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EMI Calculator
Equated Monthly Installment for loans. Computes monthly payment, total interest, and total repayment.
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Definition
What is EMI
EMI (Equated Monthly Installment) is the fixed amount you pay every month to repay a loan. It includes both principal and interest.
Formula
EMI Formula
EMI = [P × R × (1+R)^N] / [(1+R)^N – 1]
P = Loan amount
R = Monthly interest rate (annual rate ÷ 12 ÷ 100)
N = Number of monthly installments
R = Monthly interest rate (annual rate ÷ 12 ÷ 100)
N = Number of monthly installments
Example
EMI Calculation Example
Loan Amount₹5,00,000
Interest Rate10% per year
Tenure5 years
Monthly EMI
₹10,624
Features
What This Calculator Shows
Monthly EMI
Total Interest
Total Payment
Repayment Insights
Why EMI Calculator is Useful
Budget Planning
Helps plan your monthly expenses
Loan Comparison
Compare different loan options easily
Financial Decisions
Better understanding of loan repayment
Tips to Reduce EMI
Increase loan tenure
Make a higher down payment
Choose lower interest rates
Prepay the loan when possible
EMI calculations are estimates and actual values may vary based on lender terms, processing fees, and changing interest rates.
Frequently Asked Questions
EMI is a fixed monthly payment made towards loan repayment.
It is calculated using loan amount, interest rate, and tenure.
Yes, by increasing tenure or making a higher down payment.
You may be charged penalties and your credit score may be affected.