EMI Calculator

Use our free EMI Calculator to calculate your monthly installment for home loans, car loans, or personal loans.

What is EMI?

EMI (Equated Monthly Installment) is a fixed payment amount that you pay to the bank or lender every month against your loan. It includes both the principal amount and the interest.

How is EMI Calculated?

EMI is calculated using the following formula:

EMI = [P × R × (1+R)^N] / [(1+R)^N – 1]

• P = Loan Amount
• R = Monthly Interest Rate (Annual Interest ÷ 12 ÷ 100)
• N = Total Number of Months

Example Calculation

Suppose you take a loan of ₹5,00,000 for 5 years at 10% annual interest rate.
Monthly Interest Rate = 10 ÷ 12 ÷ 100 = 0.0083
Number of Months = 5 × 12 = 60
EMI = ₹10,624 (approx)

Benefits of Using an EMI Calculator

• Helps you plan your budget effectively
• Saves time – instant calculation without manual effort
• Compare multiple loan options easily
• Gives a clear repayment schedule idea

Tips Before Taking a Loan

• Always compare interest rates from different banks
• Check for hidden charges and processing fees
• Choose a repayment tenure that suits your monthly budget
• Use our EMI Calculator before applying for any loan