EMI Calculator

Calculate your monthly Equated Monthly Installment (EMI) with our free online EMI calculator. Perfect for planning home, car, or personal loans with instant results and financial insights.

Calculate Your EMI

How EMI is Calculated

EMI is calculated using the formula: EMI = [P × R × (1 + R)^N] / [(1 + R)^N - 1], where P is the principal loan amount, R is the monthly interest rate (annual rate / 12 / 100), and N is the loan tenure in months.

This formula balances the principal and interest over time, ensuring consistent monthly payments. Our calculator simplifies this complex math, providing accurate results tailored to your loan details.

Loan Comparison Guide

Comparing loan options can save you thousands. For a ₹500,000 loan over 10 years, a 5% rate yields an EMI of ₹5,266 with ₹132,000 total interest, while a 10% rate increases EMI to ₹6,599 with ₹279,000 interest.

Lower rates or shorter tenures reduce total interest but raise monthly payments. Use our tool to experiment with different scenarios to find the best fit for your budget.

Real-World Examples

Example 1: ₹10,00,000 loan, 8% rate, 20 years: EMI = ₹8,364, Total Interest = ₹10,07,360.

Example 2: ₹5,00,000 loan, 7.5% rate, 5 years: EMI = ₹9,989, Total Interest = ₹1,99,340.

Example 3: ₹2,00,000 loan, 6% rate, 3 years: EMI = ₹6,066, Total Interest = ₹18,376.

Tips to Reduce EMI

• Increase your down payment to lower the principal amount.
• Opt for a shorter loan tenure to reduce total interest.
• Negotiate with banks for a lower interest rate if possible.

Frequently Asked Questions (FAQs)