EMI Calculator
Calculate your Equated Monthly Installment (EMI) for home loans, car loans, personal loans, and more. Plan your finances better with our easy-to-use EMI calculator.
Monthly EMI
₹0
Total Interest
₹0
Total Payment
₹0
Note: This calculator provides an estimate based on the given inputs. Actual EMI may vary based on the lender's terms and conditions.
What is EMI?
EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender at a specified date each month. EMIs are used to pay off both interest and principal each month so that over a specified number of years, the loan is paid off in full.
How is EMI Calculated?
The EMI is calculated using the following formula:
Where:
- P = Principal loan amount
- r = Monthly interest rate (Annual rate ÷ 12 ÷ 100)
- n = Loan tenure in months
Factors Affecting EMI
Loan Amount
Higher loan amount leads to higher EMI.
Interest Rate
Higher interest rate increases the EMI amount.
Loan Tenure
Longer tenure reduces EMI but increases total interest paid.
Tips to Reduce Your EMI
- Opt for a longer loan tenure (but be aware of higher total interest)
- Make a larger down payment to reduce the principal amount
- Look for loans with lower interest rates
- Consider making part-payments when you have surplus funds
- Maintain a good credit score to negotiate better interest rates