EMI Calculator
Calculate your monthly EMI for any loan type. Get instant results with detailed payment breakdown and amortization schedule.
Loan Details
Payment Schedule
How to Use This EMI Calculator
Enter Loan Amount
Use the slider or type the total loan amount you want to borrow.
Set Interest Rate
Adjust the annual interest rate offered by your lender.
Choose Loan Tenure
Select the loan repayment period in years.
View Results
See your monthly EMI, total interest, and complete payment schedule instantly.
Frequently Asked Questions
What is EMI?
EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender at a specified date each month. It includes both principal and interest components.
How is EMI calculated?
EMI is calculated using the formula: EMI = [P × R × (1+R)^N] / [(1+R)^N-1], where P is principal, R is monthly interest rate, and N is tenure in months.
Does EMI include principal and interest?
Yes, each EMI payment includes both principal and interest. Initially, a larger portion goes towards interest, but this gradually shifts towards principal as the loan progresses.
Can I reduce my EMI amount?
You can reduce EMI by making a larger down payment, opting for a longer tenure, negotiating a lower interest rate, or making prepayments and choosing to reduce EMI.
What happens if I miss an EMI payment?
Missing an EMI can result in late payment charges, negative impact on credit score, penal interest, and in extreme cases, legal action. Contact your lender immediately if you face difficulty.