What is an EMI Calculator?

This Loan EMI Calculator helps you determine the Equated Monthly Installment (EMI) for any loan amount. EMI is the fixed payment amount made by a borrower to a lender at a specified date each calendar 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.

How to Use This Calculator

Follow these simple steps to calculate your loan EMI:

• Enter Loan Amount: Input the total amount you wish to borrow (in Rs.)
• Enter Interest Rate: Input the annual interest rate offered by your lender (in %)
• Enter Loan Tenure: Input the repayment period and select whether it's in years or months
• View Results: Your monthly EMI, total interest, and total payable amount will be calculated automatically

Understanding Your Results

After calculation, you'll see:

• Monthly EMI: The fixed amount you'll pay each month
• Total Interest Payable: The total interest you'll pay over the loan tenure
• Total Amount Payable: The complete amount (principal + interest) you'll repay
• Visual Chart: A pie chart showing the proportion of principal vs. interest in your total payment

EMI Calculation Formula

The calculator uses the standard EMI formula:

Tips for Effective Use

• Compare different loan offers by adjusting the interest rate
• See how increasing your loan tenure affects your monthly EMI and total interest
• Use the calculator to plan your budget before applying for a loan
• Try different scenarios to find the right balance between EMI affordability and total interest cost