⚡ EMI Calculator
Calculate Your Loan EMI Instantly
Calculate monthly EMI, total interest, and total repayment for your personal, home, or car loan with dynamic breakdown.
Calculate EMIMonthly EMI
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Principal Amount
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Total Interest
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Total Amount Payable
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Principal: 0%
Interest: 0%
Amortization Schedule (First 12 Months)
| Month | Opening Balance | Principal | Interest | EMI | Closing Balance |
|---|
How EMI is Calculated
Equated Monthly Installment (EMI) is calculated using the standard reducing-balance method formula:
EMI = P × R × (1 + R)^N / [(1 + R)^N - 1]
Where:
- P = Principal Loan Amount
- R = Monthly Interest Rate (Annual Rate / 12 / 100)
- N = Loan Tenure in Months
Frequently Asked Questions
What is an EMI?
EMI stands for Equated Monthly Installment. It is a fixed amount payable by a borrower to a lender at a specified date each calendar month.
Does changing the loan tenure affect EMI?
Yes. Longer tenures reduce your monthly EMI amount but increase the total interest paid over time. Shorter tenures raise monthly EMIs but save overall interest.
Can interest rates vary for different loan types?
Yes, Personal Loans typically have higher interest rates compared to Secured loans like Home or Car loans.
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