EMI Calculator
Calculate your Equated Monthly Installment for home, car, or personal loans.
Enter loan details and click Calculate EMI
How to Use the EMI Calculator
Enter your loan amount, annual interest rate, and loan tenure in years and months. The calculator instantly shows your EMI, total interest, and total payment.
EMI Formula
P = Principal loan amount
R = Monthly interest rate = Annual Rate / 12 / 100
N = Loan tenure in months
Key Terms
EMI (Equated Monthly Installment): A fixed monthly payment that covers both principal and interest over the loan tenure.
Principal: The original loan amount borrowed from the lender.
Interest Rate: The percentage charged by the lender per year on the outstanding balance.
Tenure: The total repayment period of the loan.
Frequently Asked Questions
EMI stands for Equated Monthly Installment. It is a fixed payment amount made by a borrower to a lender each month. Each EMI payment includes a portion of the principal and a portion of the interest.
You can reduce your EMI by: (1) Increasing the loan tenure — though this increases total interest, (2) Negotiating a lower interest rate, (3) Making a larger down payment to reduce the principal, or (4) Prepaying the loan partially to reduce the outstanding balance.
Yes. A longer tenure reduces the monthly EMI but increases the total interest paid over the loan life. It's a trade-off between monthly affordability and total cost.