💰 EMI Calculator
Calculate your Equated Monthly Installment (EMI) for home loans, car loans, personal loans, and more.
Frequently Asked Questions (FAQs)
What is EMI?
EMI stands for Equated Monthly Installment. It is the fixed amount you pay each month towards your loan repayment, which includes both principal and interest components. EMI remains constant throughout the loan tenure, but the proportion of principal and interest changes over time.
How is EMI calculated?
EMI is calculated using the formula: EMI = [P × R × (1+R)^N] / [(1+R)^N - 1], where P is the principal amount (loan amount), R is the monthly interest rate (annual rate ÷ 12 ÷ 100), and N is the number of installments (loan tenure in months).
What factors affect EMI?
EMI depends on three main factors: 1) Principal amount (loan amount) - higher loan means higher EMI, 2) Interest rate (annual rate) - higher rate means higher EMI, and 3) Loan tenure (duration in months or years) - longer tenure means lower EMI but more total interest paid.
Can I calculate EMI for different loan types?
Yes! Our EMI calculator works for all types of loans including home loans, car loans, personal loans, education loans, gold loans, and more. Just enter the loan amount, interest rate, and tenure to calculate your EMI.
What is the difference between principal and interest in EMI?
In the initial years of loan repayment, a larger portion of EMI goes towards interest payment, and a smaller portion towards principal repayment. As the loan progresses, the interest component decreases and principal component increases. This is called amortization.
Is the EMI calculator free?
Yes, our EMI calculator is completely free to use. No registration, sign-up, or payment required. Calculate EMI for any loan type as many times as you need for financial planning.
EMI Calculator - Plan Your Loan Repayments
Our free EMI calculator helps you calculate your Equated Monthly Installment for any type of loan. Whether you're planning to take a home loan, car loan, personal loan, or any other loan, this tool helps you understand your monthly repayment obligations.
How to Use the EMI Calculator
- Enter the loan amount (principal) you want to borrow
- Enter the annual interest rate offered by the lender
- Enter the loan tenure (duration) in years or months
- Select whether the tenure is in years or months
- Click "Calculate EMI" to see your monthly installment
- Review the breakdown including total interest and total amount
Key Features
- Universal Calculator: Works for all loan types - home loans, car loans, personal loans, education loans, etc.
- Accurate Calculations: Uses the standard EMI formula for precise results
- Total Interest: See how much interest you'll pay over the loan tenure
- Flexible Tenure: Calculate EMI for tenure in years or months
- Financial Planning: Plan your loan repayments and budget accordingly
Understanding EMI Components
Your EMI consists of two parts:
- Principal: The actual loan amount you borrowed
- Interest: The cost of borrowing money from the lender
In the initial months, a larger portion of EMI goes towards interest payment. As you progress through the loan tenure, the interest component decreases and principal component increases. This is called loan amortization.
💡 Pro Tip: A longer loan tenure reduces your monthly EMI but increases the total interest paid. A shorter tenure increases EMI but saves on total interest. Choose based on your monthly budget and financial goals.