EMI Calculator
EMI (Equated Monthly Instalment) is the fixed monthly payment made to a bank or lender for a loan. It consists of principal repayment and interest.
Loan Details
Extra payment to reduce loan tenure and interest
EMI Breakdown
About EMI Calculator
Our EMI calculator helps you calculate monthly installments for home loans, car loans, personal loans, education loans, and any other fixed-rate loan. Based on the standard reducing balance method used by all major banks in India.
The calculator also shows prepayment benefits - how making extra payments can reduce your loan tenure and save thousands in interest.
EMI Formula
EMI = P × r × (1+r)^n / ((1+r)^n - 1)
Loan EMI Examples
Home Loan
₹50L, 9%, 20 years
₹44,986
per month
Car Loan
₹10L, 10%, 5 years
₹21,247
per month
Personal Loan
₹5L, 13%, 3 years
₹16,830
per month
Frequently Asked Questions
About the EMI Calculator
EMI (Equated Monthly Instalment) is the fixed monthly payment made to a bank or lender for a loan. It consists of principal repayment and interest.
Formula
Formula Variables
| Variable | Description |
|---|---|
| P | Principal Loan Amount |
| r | Monthly Interest Rate (Annual Rate ÷ 12 ÷ 100) |
| n | Number of Monthly Installments |