Loan EMI Calculator

Calculate your monthly EMI (Equated Monthly Installment) for home loans, car loans, and personal loans. Get detailed payment breakdown with total interest and payment schedule.

💰 EMI Calculator

Enter loan details to calculate your monthly EMI

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📊 EMI Calculation Results

Your monthly payment and loan breakdown

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🔧 How to Use the EMI Calculator

1
Enter Loan Amount
Input the total loan amount you want to borrow. The calculator accepts amounts in Indian Rupees (₹) and automatically formats the number with commas for easy reading.
2
Set Interest Rate
Enter the annual interest rate offered by your lender. You can input decimal values (e.g., 8.5%) for precise calculations. The rate should be the annual percentage rate.
3
Choose Loan Tenure
Select your loan repayment period in either years or months using the toggle buttons. Enter the duration based on your loan agreement terms.
4
View EMI Results
Get instant EMI calculation with detailed breakdown showing monthly payment, total amount payable, total interest, and visual payment distribution between principal and interest.

❓ Frequently Asked Questions

What is EMI and how is it calculated? +
EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender at a specified date each month. It's calculated using the formula: EMI = [P × R × (1+R)^N] / [(1+R)^N-1], where P is the principal loan amount, R is the monthly interest rate (annual rate/12), and N is the number of monthly installments. This ensures equal monthly payments throughout the loan tenure.
How does interest rate affect my EMI amount? +
Interest rate has a direct impact on your EMI amount. Higher interest rates result in higher EMIs and more total interest paid over the loan tenure. For example, on a ₹10 lakh loan for 20 years, increasing the interest rate from 8% to 10% can increase your EMI by approximately ₹1,500-2,000 per month and significantly increase the total interest paid.
Should I choose a longer or shorter loan tenure? +
The choice depends on your financial situation. Longer tenure means lower monthly EMIs but higher total interest paid over the loan period. Shorter tenure results in higher EMIs but significant savings on total interest. Consider your monthly income, expenses, and financial goals. Generally, choose the shortest tenure you can comfortably afford to minimize interest costs.
Can I prepay my loan to reduce EMI burden? +
Yes, most loans allow prepayment, which can significantly reduce your interest burden. You can either reduce the EMI amount while keeping the tenure same, or reduce the tenure while keeping EMI same. Prepayment is most beneficial in the early years of the loan when the interest component is higher. Check with your lender about prepayment charges, if any.
What factors should I consider before taking a loan? +
Consider your monthly income, existing EMIs, credit score, job stability, and future financial goals. Ensure your total EMIs don't exceed 40-50% of your monthly income. Compare interest rates, processing fees, and terms from multiple lenders. Factor in additional costs like insurance, processing fees, and legal charges. Always have an emergency fund before taking on new debt obligations.
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