EMI Calculator - Calculate Your Loan EMI Online

Free online EMI calculator for home loans, car loans, and personal loans. Compare multiple loan options with detailed amortization schedule and make informed financial decisions.

What is EMI?

EMI stands for Equated Monthly Installment. It is a fixed payment amount made by a borrower to a lender at a specified date each 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.

The EMI amount depends on three factors: the loan amount (principal), the interest rate, and the loan tenure. A higher loan amount or interest rate increases the EMI, while a longer tenure reduces the monthly EMI but increases the total interest paid.

EMI Formula

EMI = P × r × (1 + r)^n / ((1 + r)^n - 1)

Where:

  • P = Principal loan amount
  • r = Monthly interest rate (Annual rate ÷ 12)
  • n = Number of monthly installments

Accurate Calculations

Our EMI calculator uses precise mathematical formulas to provide accurate loan calculations. Get instant results for any loan amount, interest rate, and tenure combination.

Compare Options

Compare multiple loan offers side-by-side to find the best deal. Analyze different banks, interest rates, and tenures to save money on your loan.

Detailed Reports

Download complete amortization schedules and payment breakdowns. Understand exactly how much principal and interest you pay each month.

Types of Loans You Can Calculate

Home Loans

Calculate EMI for home loans, housing loans, and property purchases with competitive interest rates.

Car Loans

Auto loan EMI calculations for new and used car purchases from banks and dealers.

Personal Loans

Unsecured personal loan EMI for medical expenses, education, travel, or other needs.

Business Loans

Calculate EMI for business loans, working capital, and commercial property financing.

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₹10,00,000
8.5%
20 years
Advertisement - 300x250

Monthly EMI

₹8,678

Total Interest

₹10,82,776

Total Amount

₹20,82,776

Loan Breakdown

Payment Schedule

MonthEMIPrincipalInterestBalance

How to Use This EMI Calculator Effectively

Step-by-Step Guide

  1. Enter Loan Amount: Input the principal amount you plan to borrow. This is the actual loan amount excluding any processing fees or charges.
  2. Set Interest Rate: Enter the annual interest rate offered by your lender. This can be fixed or floating rate depending on your loan type.
  3. Choose Tenure: Select the repayment period in years or months. Longer tenure means lower EMI but higher total interest cost.
  4. Compare Options: Use the comparison tool to evaluate multiple loan offers from different lenders.

Pro Tips for Better Results

  • Check Multiple Scenarios: Calculate EMIs for different loan amounts and tenures to find your comfort zone.
  • Factor in Hidden Costs: Remember to add processing fees, insurance, and other charges to get the true cost.
  • Consider Interest Rate Changes: For floating rate loans, check how rate increases might affect your EMI.
  • Plan for Prepayments: Even small regular prepayments can significantly reduce your total interest cost.
  • Maintain Emergency Fund: Ensure you have sufficient savings before committing to high EMIs.

Frequently Asked Questions

What happens if I miss an EMI payment?

Missing EMI payments can result in late payment charges, negative impact on your credit score, and in extreme cases, loan default and asset seizure. Always inform your lender if you anticipate payment difficulties.

Can I change my EMI amount during the loan tenure?

Some lenders offer step-up or step-down EMI options. You can also restructure your loan or make prepayments to effectively reduce your EMI burden.

How accurate is this EMI calculator?

Our calculator uses the standard EMI formula used by banks and provides highly accurate results. However, actual EMIs may vary slightly due to processing fees and other charges.

What is the difference between fixed and floating interest rates?

Fixed rates remain constant throughout the loan tenure, while floating rates change based on market conditions. Fixed rates offer predictability, while floating rates may offer savings when market rates decline.

Is EMI tax deductible?

For home loans, both principal (under Section 80C) and interest (under Section 24) components offer tax benefits. Car loans and personal loans generally don't provide tax deductions.

Can I prepay my loan partially?

Yes, most lenders allow partial prepayments. This reduces your principal amount and can either reduce your EMI or shorten your loan tenure. Check for any prepayment charges with your lender.