EMI Calculator: Plan Your Loan Payments
Calculate your Equated Monthly Installment (EMI) instantly for home, car, or personal loans in India. Trusted by thousands to plan finances.
Your EMI Results
Monthly EMI
₹0
Total Interest
₹0
Total Payment
₹0
Interest vs. Principal
Loan Planning Tips
Ensure EMI fits within 40% of your monthly income.
Compare interest rates from banks like SBI or HDFC.
Longer tenures reduce EMI but increase total interest.
More Tools to Explore:
Your Guide to EMI Calculations in India
What’s an EMI Calculator?
An EMI (Equated Monthly Installment) Calculator helps you determine your monthly loan payments for home, car, or personal loans. It uses the loan amount, interest rate, and tenure to calculate your EMI, total interest, and total payment, making financial planning easier.
How to Calculate EMI Manually
The EMI formula is:
EMI = [P × R × (1+R)^N] / [(1+R)^N - 1]
- P: Loan Amount (Principal, e.g., ₹5,00,000)
- R: Monthly Interest Rate (Annual Rate ÷ 12 ÷ 100, e.g., 8.5% ÷ 12 ÷ 100 = 0.007083)
- N: Tenure in Months (e.g., 5 years = 60 months)
Our calculator does this instantly, saving you time!
Understanding Your EMI Results
Your EMI results include:
| Component | Description |
|---|---|
| Monthly EMI | Fixed monthly payment, including principal and interest. |
| Total Interest | Additional cost of borrowing over the loan tenure. |
| Total Payment | Sum of principal and total interest paid. |
Why Use an EMI Calculator?
Planning a loan in India? Here’s why this tool is essential:
Budget Planning
Know your monthly EMI to manage expenses.
Loan Comparison
Compare offers from SBI, HDFC, or ICICI.
Transparency
Understand total interest and repayment costs.
Key Considerations for EMI Calculations
Here’s what to know for accurate results:
This calculator assumes a fixed interest rate. For floating rates (common in India), actual EMIs may vary. Check with your bank for details.
No, processing fees or other charges (e.g., GST) are not included. Add these to your loan amount for a more accurate budget.
Prepayments or part-payments can reduce your EMI or tenure but are not factored here. Consult your lender for prepayment options.
Frequently Asked Questions About EMI Calculations
Got questions about EMIs or using our calculator? Here are answers to common queries for Indian borrowers:
An EMI (Equated Monthly Installment) is a fixed monthly payment for a loan, covering both principal and interest. It’s crucial for budgeting, ensuring you can afford loan repayments without straining finances.
Yes! This calculator works for home, car, personal, or education loans from banks like SBI, HDFC, or ICICI. Just input the correct loan amount, rate, and tenure.
Results are highly accurate for fixed-rate loans, using the standard EMI formula. However, floating rates or additional fees (e.g., processing charges) may affect actual EMIs.
Select “Years” in the tenure unit dropdown, and the calculator converts it to months automatically. For example, 5 years = 60 months.
To lower your EMI, consider:
- Extending the loan tenure (increases total interest).
- Negotiating a lower interest rate.
- Making a larger down payment to reduce the loan amount.