Loan EMI Calculator
Calculate monthly installments for any loan instantly. Includes amortization schedules for Home, Car, and Personal loans.
Monthly EMI
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0%
InterestPrincipal Amount
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Total Interest Payable
₹0
Total Payment (Principal + Interest)
₹0
What is a Loan EMI?
EMI stands for Equated Monthly Installment. It consists of two parts: the principal amount repayment and the interest amount charged by the lender. At the start of the loan, a larger portion of the EMI goes towards interest, while towards the end, a larger portion goes toward repaying the principal.
The EMI Formula
The EMI is calculated using the following mathematical formula:
E = P x R x (1+R)^N / [((1+R)^N)-1]
Where:
- E is EMI
- P is Principal Loan Amount
- R is rate of interest per month (Annual rate / 12 / 100)
- N is tenure in number of months
How to Use the EMI Calculator
- Step 1: Enter the loan principal (the amount you wish to borrow).
- Step 2: Enter the annual interest rate offered by the bank.
- Step 3: Select the loan duration in years or months.
- Step 4: Review the monthly EMI, total interest, and use the chart to see the cost of the loan.
Frequently Asked Questions
Q: Can I use this for Home Loans?
Yes. This calculator applies to all types of credit including home loans, car loans, personal loans, and education loans.
Q: Does it include processing fees?
No. Processing fees are typically paid upfront. This calculator focuses solely on the loan repayment structure.
Q: What is a tenure?
Tenure is the total time duration for which you have taken the loan from a bank or financial institution.