EMI stands for Equated Monthly Installment. It's 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 paid off in full.

Why should I use an EMI calculator?

An EMI calculator helps you understand how much you'll have to pay per month for a loan. This allows you to plan your finances better, compare different loan offers, and decide on a loan amount that you can comfortably repay.

How is EMI calculated?

EMI is calculated based on the principal loan amount (P), the interest rate (R), and the loan tenure (N). The formula is: EMI = [P x R x (1+R)^N] / [(1+R)^N-1], where R is the monthly interest rate and N is the tenure in months.

Online EMI Calculator (with Graph)

Enter Your Loan Details

Loan Amount (₹)

Interest Rate (% per year)

Loan Tenure (in years)

Your Monthly EMI

₹0.00

For 0 years

Principal Amount

₹0.00

Total Interest

₹0.00

Effective Rate (p.m.)

0.00%

Effective Rate (p.a.)

0.00%

Total Payment

₹0.00

What is an EMI and How Does This Calculator Help?

EMI (Equated Monthly Installment) is the fixed amount you pay to a lender every month to repay your loan. This installment includes both the principal amount and the interest charged on it. A reliable EMI calculator helps you understand your monthly financial commitment before you even take a loan.

Our online EMI calculator is a simple tool designed to help you quickly calculate the monthly installments for a home loan, car loan, or personal loan. It not only provides your EMI but also shows a visual breakdown of the principal and interest components through an intuitive graph.

How to Use This EMI Calculator?

Enter Loan Amount: Input the total amount you wish to borrow.
Enter Interest Rate: Input the annual interest rate (%) offered by the bank.
Enter Loan Tenure: Choose the time period (in years) over which you want to repay the loan.
Click 'Calculate EMI': The tool will instantly display your monthly EMI, total interest payable, and the total payment amount.

Frequently Asked Questions (FAQs)

What are the benefits of using an EMI calculator?

The benefits include: Financial Planning: It helps you budget your monthly expenses. Easy Comparison: You can compare loan offers from different banks. Time-Saving: It's much faster and more accurate than manual calculations. Transparency: It shows you exactly how much you'll be paying in interest over the loan's lifetime.

How will a change in interest rate affect my EMI?

The interest rate has a direct impact on your EMI. If the interest rate increases, your EMI will also increase. Conversely, if the rate decreases, your EMI will become lower. You can use our calculator to see this effect by entering different interest rates.

Can I repay my loan before the tenure ends?

Yes, you can repay your loan before the official end of the tenure. This is called a 'pre-payment' or 'foreclosure'. However, some banks may charge a penalty for this. It's always a good idea to check the pre-payment terms and conditions before taking out a loan.