Calculate your Equated Monthly Installment (EMI) for home, car, or personal loans. Free EMI calculator with interest rate calculation for Indian borrowers.
Monthly EMI
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Total Interest Payable
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Total Amount Payable
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How to Use EMI Calculator
To use the EMI Calculator, enter your loan amount, interest rate per annum, and loan tenure in years. The calculator will automatically compute your Equated Monthly Installment (EMI), total interest payable, and total amount payable. You can adjust any parameter to see how it affects your EMI.
Benefits
Calculate your monthly loan installment
Compare different loan options
Plan your loan repayment
Understand total interest payable
Make informed loan decisions
Frequently Asked Questions
EMI (Equated Monthly Installment) is the fixed monthly payment you make to repay a loan. It includes both principal and interest components.
EMI is calculated using the formula: EMI = [P × R × (1+R)^N] / [(1+R)^N - 1], where P is principal, R is monthly interest rate, and N is number of months.
EMI is affected by loan amount, interest rate, and loan tenure. Higher loan amount or interest rate increases EMI, while longer tenure reduces EMI.
Yes, you can reduce EMI by increasing loan tenure or negotiating for a lower interest rate. However, longer tenure increases total interest payable.
Reducing balance method calculates interest on remaining principal, while flat rate calculates interest on original principal. Most loans use reducing balance method.
Yes, prepayment reduces total interest payable and loan tenure. Use the calculator to see the impact of prepayment on your loan.