EMI Calculator

What is EMI?

EMI (Equated Monthly Installment) is the fixed payment amount a borrower makes to a lender on a specified date each month. It includes both principal and interest components.

How to Use This Calculator

Enter the principal loan amount, interest rate (per annum), and loan tenure in months or years. Click "Calculate" to see your monthly EMI, total interest, and total payment.

EMI Formula

EMI = P × r × (1 + r)^n / [(1 + r)^n - 1]

Where:
P = Principal loan amount
r = Monthly interest rate (annual rate ÷ 12 ÷ 100)
n = Number of monthly installments

Types of Loans

This calculator works for various loans including home loans, car loans, personal loans, and education loans. Adjust the inputs according to your specific loan terms.

Tips for Managing Loans

• Always compare interest rates from multiple lenders
• Consider making prepayments to reduce total interest
• Choose a tenure that balances monthly affordability with total interest
• Read the fine print for any hidden charges

FAQ

Does EMI include insurance and taxes?
No, the basic EMI only includes principal and interest. Additional costs like insurance and property taxes are paid separately.