EMI Calculator

EMI Calculation Result

Monthly EMI: ₹

Total Interest Payable: ₹

Total Payment (Principal + Interest): ₹

How EMI Calculator Works?

An EMI (Equated Monthly Installment) calculator helps you estimate the monthly repayment amount for a loan based on key factors like loan amount, interest rate, and tenure.

  1. Input Loan Details: You enter the loan amount, annual interest rate, and loan tenure in months or years.
  2. Calculation: The calculator uses a standard mathematical formula to compute the EMI:

EMI = [P × R × (1 + R)N] / [(1 + R)N – 1]

Where:

  • P = Loan Amount
  • R = Monthly Interest Rate (Annual Rate / 12 / 100)
  • N = Loan Tenure in Months

After computing the EMI, the calculator also displays the total interest payable and total repayment amount. This gives users a clear picture of the loan cost before applying.

Helpful Information About EMI

What is EMI?

EMI or Equated Monthly Installment is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. It includes both principal and interest components.

What factors affect your EMI?

Your EMI depends on three main factors: the loan amount, the interest rate, and the loan tenure. A longer tenure can reduce your monthly EMI but increase the total interest paid.

Is it better to choose a lower EMI or shorter tenure?

It depends on your financial situation. A lower EMI reduces monthly burden but costs more in the long run. A shorter tenure saves interest but increases monthly payment.

What happens if I prepay my EMI?

Prepaying your EMI can reduce the principal and overall interest burden. Many lenders allow partial or full prepayment with or without charges.

How to use EMI Calculator Online?

Enter the loan amount, interest rate, and tenure in the EMI calculator. It will instantly show your monthly EMI, total payment, and interest payable—making your planning easier.

Frequently Asked Questions (FAQs)

EMI stands for Equated Monthly Installment. It is the fixed amount you pay each month towards repaying a loan, including both the principal and interest components.

EMI is calculated using the formula:
EMI = [P × R × (1 + R)N] / [(1 + R)N – 1],
where P is the loan amount, R is the monthly interest rate, and N is the loan tenure in months.

GST rates include 0%, 5%, 12%, 18%, and 28%, depending on the product or service category.

EMI depends on the loan amount, interest rate, and loan tenure. A higher loan or interest rate increases EMI, while a longer tenure reduces monthly EMI but increases total interest.

You can reduce your EMI by negotiating a lower interest rate, opting for a longer repayment period, or making part prepayments towards your loan.

For fixed-rate loans, EMI remains the same throughout. For floating-rate loans, EMI may change depending on changes in the interest rate over time.