EMI Calculator
Calculate Equated Monthly Installments for loans and mortgages
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All calculations are performed locally in your browser. No loan details, amounts, or personal financial information are stored, transmitted, or tracked. Your financial privacy is completely protected.
What is an EMI Calculator?
An EMI (Equated Monthly Installment) calculator helps you determine the monthly payment amount for any loan based on the principal amount, interest rate, and loan tenure. Whether you're planning to take a home loan, car loan, or personal loan, our EMI calculator provides accurate calculations instantly, helping you plan your finances better and make informed borrowing decisions.
Key Features
Instant EMI Calculation
Get monthly EMI amount calculated in real-time as you adjust values
Visual Breakdown
Interactive donut chart showing principal vs interest split
Total Interest Display
See exactly how much interest you'll pay over the loan period
Flexible Interest Rates
Supports interest rates from 0% to 30% per annum
Multiple Tenures
Calculate EMI for loan periods from 1 to 30 years
Interactive Sliders
Easily adjust loan amount, interest rate, and tenure with sliders
Percentage Split
See what portion of your total payment goes to principal vs interest
No Registration Required
Completely free tool - no signup, no personal information needed
How to Use the EMI Calculator
Enter Loan Amount
Input the total amount you want to borrow (principal amount) in rupees
Set Interest Rate
Enter the annual interest rate offered by your lender (use slider or type directly)
Choose Loan Duration
Select the loan tenure in years (how long you'll take to repay the loan)
View Results Instantly
See your monthly EMI, total payable amount, and interest breakdown immediately
EMI Planning Tips
- Keep EMI Under 40% of Income: Financial experts recommend keeping your EMI below 40% of your monthly income for comfortable repayment
- Compare Interest Rates: Even 0.5% difference in interest rates can save thousands over the loan period
- Shorter Tenure = Less Interest: Choosing a shorter loan tenure means higher EMI but significantly lower total interest paid
- Consider Prepayment: Making occasional prepayments can drastically reduce your total interest burden
- Factor in Other Costs: Remember to budget for processing fees, insurance, and other charges beyond EMI
Frequently Asked Questions
What is EMI and how does it work?
EMI (Equated Monthly Installment) is a fixed monthly payment you make to a lender to repay a loan. Each EMI consists of two parts: principal repayment and interest. Initially, a larger portion goes toward interest, but gradually, more goes toward principal as the loan matures.
How is EMI calculated?
EMI is calculated using a standard formula that considers three factors: the loan amount (principal), the annual interest rate, and the loan tenure. Our calculator uses this 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 months.
Is the EMI amount fixed for the entire loan period?
Yes, for fixed-rate loans, your EMI remains constant throughout the loan tenure. However, if you have a floating/variable interest rate loan, your EMI may change if the lender adjusts interest rates.
What happens if I miss an EMI payment?
Missing an EMI payment can result in late payment fees, negative impact on your credit score, and additional interest charges. Repeated defaults can lead to legal action and asset seizure in secured loans.
Can I pay more than my EMI amount?
Yes! Most lenders allow prepayments or part-payments. Paying extra reduces your principal faster, which decreases your total interest burden and can shorten your loan tenure. Check if your lender charges prepayment penalties.
Which is better - lower EMI or lower interest rate?
A lower interest rate is always better as it reduces your overall cost. Lower EMI might seem attractive, but it usually means longer tenure and more total interest paid. Use our calculator to compare different scenarios.
Why Use Our EMI Calculator?
Making informed borrowing decisions requires understanding the true cost of a loan. Our EMI calculator gives you complete transparency - see not just your monthly payment, but also how much of your money goes to interest versus principal repayment. The visual breakdown helps you quickly compare different loan scenarios, empowering you to negotiate better terms with lenders, choose the right loan tenure, and plan your finances with confidence.