EMI Calculator
Calculate your Equated Monthly Installment for Home, Car, Personal & Education Loans
EMI Calculator
Enter loan details to calculate your monthly installment
Select Loan Type
EMI Calculation Results
Detailed breakdown of your loan repayment
54% Interest
Loan Comparison
About Different Loans
Home Loan
Long-term secured loans (15-30 years) for purchasing residential property. Lower interest rates with tax benefits under Section 24(b) and 80C.
Car Loan
Medium-term secured loans (3-7 years) for vehicle purchase. The vehicle serves as collateral with competitive interest rates.
Personal Loan
Unsecured short-term loans (1-5 years) for personal needs. Higher interest rates with no collateral requirement.
Education Loan
Loans for education with moratorium period. Tax benefits under Section 80E. Repayment starts after course completion.
EMI Calculation Formula
The standard formula used to calculate EMI is:
This is the standardized formula used by all financial institutions in India.
Factors Affecting EMI
Loan Amount
Higher loan amount increases EMI proportionally. Choose an amount that keeps your debt-to-income ratio below 50%.
Interest Rate
Lower interest rates significantly reduce EMI. Compare rates from different lenders before finalizing.
Loan Tenure
Longer tenure reduces EMI but increases total interest paid. Balance based on repayment capacity.
Benefits of EMI Calculator
Accuracy & Speed
Eliminates manual calculation errors and provides instant, accurate results every time.
Financial Planning
Helps plan finances by showing exact EMI amount and total interest payable over loan tenure.
Loan Comparison
Compare different loan options and choose the one that best fits your financial situation.
Frequently Asked Questions
EMI (Equated Monthly Installment) is the fixed payment amount made by a borrower to a lender at a specified date each calendar month. It includes both principal and interest components.
Your debt-to-income ratio should not exceed 50% for better loan approval chances. This means your total monthly debt payments (including EMI) should be less than 50% of your monthly income.
Yes, most loans allow prepayment (partial or full) which reduces your total interest burden. However, some lenders may charge a prepayment penalty, so check your loan agreement.
Missing EMI payments leads to penalties, affects your credit score, and may result in additional charges. For secured loans, it could lead to asset repossession.
