EMI stands for Equated Monthly Installment — the fixed amount you pay every month to repay your loan. It includes both principal and interest components.
The EMI depends on the loan amount, interest rate, and loan tenure.
The formula used is:
EMI = [P × R × (1+R)^N] / [(1+R)^N – 1], where:
Knowing your EMI helps you budget your monthly expenses and avoid financial surprises.
Loan amount, interest rate, and loan tenure all affect your monthly EMI.
Simply enter your loan amount, interest rate, and tenure, then click calculate. The tool instantly shows your monthly EMI, total interest payable, and total payment amount.
EMI is the fixed monthly payment you make including principal and interest. The interest rate is the percentage charged by the lender annually on your loan amount.
Yes, you can prepay your loan. However, this calculator does not include prepayment options and calculates based on fixed tenure.
No, it only considers principal, interest rate, and tenure. Fees and taxes should be added separately.
Yes, the tool works for personal loans, home loans, car loans, and more.
Our calculator uses the standard EMI formula followed by banks, providing accurate estimates for general planning.