EMI Calculator - Calculate Your Loan EMI Instantly
🇮🇳 Built for the Indian Market: Calculate Equated Monthly Installments for home loans, car loans, and personal loans in Indian Rupees. Get detailed breakdown of principal and interest with amortization schedule!
What is EMI? An Equated Monthly Installment is a fixed payment made by borrowers to lenders each month for loans. EMI calculations are most commonly used in India for home loans, car loans, and personal loans. This calculator uses Indian Rupees (₹) and follows Indian banking standards. Learn more about EMI
₹
%
Yr
Monthly EMI₹19,566
Principal Amount₹10,00,000
Total Interest₹1,73,969
Total Amount₹11,73,969
Principal Amount
Interest Amount
Your Amortization Details (Yearly/Monthly)
Amortization Schedule
Year
Principal Paid
Interest Paid
Total Payment
Balance
Your EMI Calculation Results
Loan Amount
₹10,00,000
Interest Rate
6.5%
Loan Tenure
5 Years
Monthly EMI
₹19,566
Total Interest
₹1,73,969
Total Amount Payable
₹11,73,969
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How EMI Works
An Equated Monthly Installment (EMI) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMIs are used to pay off both interest and principal each month so that over a specified number of years, the loan is fully paid off.
Fixed Payments: EMI amount remains constant throughout the loan tenure
Budget Planning: Helps in better financial planning and budgeting
Interest and Principal: Each EMI covers both interest and principal repayment
Credit Building: Regular EMI payments help build a good credit score
Factors Affecting EMI:
Loan Amount: Higher loan amount means higher EMI
Interest Rate: Higher interest rate increases EMI
Loan Tenure: Longer tenure reduces EMI but increases total interest
Processing Fees: May be added to principal amount
EMI Calculator FAQ
What is EMI and how is it calculated?
EMI stands for Equated Monthly Installment. It is a fixed amount paid monthly to repay a loan. 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 installments.
How accurate is this EMI calculator?
Our EMI calculator provides highly accurate results using the standard EMI calculation formula used by banks and financial institutions. However, actual EMI may vary slightly due to processing fees, insurance, and other charges.
What should be the ideal EMI to income ratio?
Financial experts recommend that your total EMI (including all loans) should not exceed 40-50% of your monthly income. This ensures you have enough funds for other expenses and emergencies.
Can I prepay my loan to reduce EMI burden?
Yes, most banks allow loan prepayment. You can either reduce the EMI amount or the loan tenure. Prepayment significantly reduces the total interest paid over the loan duration.