EMI Calculator

An EMI (Equated Monthly Installment) Calculator is an online financial tool that helps you calculate the fixed monthly payment you need to make to repay a loan over a specified period. It considers the loan amount, interest rate, and tenure to give you an accurate monthly payment figure.

Why it matters: Understanding your EMI before taking a loan helps you plan your monthly budget effectively. It prevents over-borrowing and ensures you choose a loan that fits comfortably within your financial capacity. The calculator also shows you the total interest you'll pay over the loan tenure.

Our EMI Calculator provides a comprehensive breakdown of your loan repayment, helping you make informed borrowing decisions.

Key Benefits:

• Budget Planning: Know exactly how much you'll pay each month before taking a loan
• Compare Loan Options: Evaluate different loan amounts, tenures, and interest rates
• Total Cost Visibility: See the total interest you'll pay over the loan period
• Amortization Schedule: View month-by-month breakdown of principal and interest payments
• Multi-Currency Support: Calculate EMIs in INR, USD, or AED for NRI convenience

The EMI calculator uses the standard reducing balance formula to calculate your monthly payment:

Formula:

EMI = P × r × (1 + r)ⁿ / [(1 + r)ⁿ - 1]

Where:

• EMI = Equated Monthly Installment
• P = Principal loan amount
• r = Monthly interest rate (Annual rate ÷ 12 ÷ 100)
• n = Total number of monthly installments (years × 12)

Example:

For a loan of ₹10,00,000 at 10% p.a. for 5 years:

• Principal (P) = ₹10,00,000
• Monthly rate (r) = 10% ÷ 12 = 0.833% or 0.00833
• Number of months (n) = 5 × 12 = 60

EMI = ₹21,247 per month

Total Payment = ₹12,74,820

Total Interest = ₹2,74,820

Using our EMI calculator is simple and intuitive:

Step 1: Enter Loan Amount

Use the slider or input field to enter your desired loan amount. Adjust based on your requirement.

Step 2: Set Interest Rate

Enter the annual interest rate offered by your lender. Compare rates from different banks for the best deal.

Step 3: Choose Loan Tenure

Select your preferred repayment period in years. Longer tenure means lower EMI but higher total interest.

Step 4: View Results

Instantly see your monthly EMI, total payment, and interest breakdown. The visual chart shows the principal vs interest ratio.

Step 5: View Amortization Schedule

Click to see the month-by-month breakdown showing how each payment splits between principal and interest.

1. Financial Planning

Plan your monthly budget accurately by knowing your EMI commitment in advance.

2. Loan Comparison

Compare different loan offers by varying the principal, rate, or tenure to find the best option.

3. Avoid Over-Borrowing

Ensure the EMI fits within your monthly budget (ideally less than 40% of income).

4. Interest Awareness

Understand the true cost of borrowing by seeing the total interest payable.

5. Tenure Optimization

Find the sweet spot between affordable EMI and total interest paid.

6. Prepayment Planning

Use the amortization schedule to plan prepayments and reduce interest burden.

7. Quick Decisions

Get instant calculations to make faster, informed borrowing decisions.

8. Multi-Currency Support

Perfect for NRIs comparing loan options across different countries.