EMI Calculator

Calculate Equated Monthly Installments for Home, Car, or Personal loans effortlessly.

Loan Amount

₹

Interest Rate (p.a)

Loan Tenure (Years)

Years

Repayment Summary

Monthly EMI

₹10,258

Principal Amount₹5,00,000

Total Interest Payable₹1,15,496

Total Payment₹6,15,496

Plan Your Loan Properly

Before committing to a personal, home, or car loan, it is crucial to know your exact monthly commitment. The EMI Calculator helps you understand the breakdown between the principal amount and the interest charged.

In the early years of a long-term loan (like a home loan), a large portion of your EMI goes towards paying the interest. By adjusting the loan tenure slider above, you can see how reducing your loan period can drastically cut down the total interest you end up paying to the bank.

Frequently Asked Questions

What is EMI?

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.

How is EMI calculated?

The mathematical formula for calculating EMI is: EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P stands for the loan amount or principal, R is the interest rate per month, and N is the number of monthly installments.

Does a longer tenure mean lower interest?

No. A longer loan tenure reduces your monthly EMI, but increases the total interest you pay over the life of the loan. A shorter tenure increases the monthly EMI but significantly reduces the total interest burden.

Planning tools