EMI Calculator
Calculate your monthly loan EMI, total interest and overall repayment amount instantly with our free online EMI Calculator.
EMI Calculator
Your EMI Result
What is EMI?
EMI stands for Equated Monthly Instalment. It is the fixed amount you pay every month to repay a loan over a selected period. Each EMI includes a portion of the principal amount and the interest charged by the lender.
Benefits
✓ Calculate monthly EMI instantly
✓ Estimate total interest payable
✓ Compare different loan tenures
✓ Plan your monthly budget
✓ Useful for home, car and personal loans
Quick Tip
A longer loan tenure can reduce your monthly EMI, but it usually increases the total interest you pay. Compare different tenure options before selecting your loan.
What is an EMI Calculator?
An EMI Calculator is a free online financial tool that helps you estimate the Equated Monthly Installment (EMI) payable on a loan. It calculates the monthly repayment amount using the loan amount, interest rate and loan tenure entered by the user.
Whether you are planning a home loan, car loan, personal loan or education loan, an EMI Calculator helps you understand your monthly financial commitment before applying. It also shows the total interest payable and the overall repayment amount throughout the loan period.
EMI Formula
The EMI Calculator uses the standard Equated Monthly Installment (EMI) formula to calculate the fixed monthly payment required to repay a loan over a selected tenure.
EMI = P × R × (1 + R)^N ÷ [(1 + R)^N − 1]
Where:
P = Loan Amount
R = Monthly Interest Rate (Annual Interest Rate ÷ 12 ÷ 100)
N = Loan Tenure in Months
EMI = Monthly Loan Repayment Amount
Example Calculation
Loan Amount (P): ₹10,00,000
Annual Interest Rate: 8%
Loan Tenure (N): 20 Years (240 Months)
Estimated EMI: ₹8,364 per month