EMI Calculator
Calculate your Equated Monthly Installment (EMI) for home loans, car loans, personal loans, and more.
Understanding EMI
An Equated Monthly Installment (EMI) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMIs are used to pay off both interest and principal each month so that over a specified number of years, the loan is fully paid off along with interest.
How EMI Works
EMI payments include both principal and interest components. In the initial years of your loan, a larger portion of your EMI goes toward paying the interest. As you progress through the loan tenure, the interest component decreases while the principal component increases.
EMI Calculation Formula
The mathematical formula for calculating EMI is:
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
Disclaimer
The results provided by this EMI calculator are for illustrative purposes only and should not be considered as financial advice. The actual loan terms, including interest rates and fees, may vary depending on the lender and your credit profile.
By using this calculator, you acknowledge that the results are estimates only and agree to our Terms of Service and Privacy Policy.
Sponsored
Did You Know?
- Leap years affect your age precision.
- You can calculate age in months & days too.
- Age is important for insurance & eligibility.