EMI Calculator

Calculate your Equated Monthly Installment (EMI) for loans with detailed amortization schedule. Perfect for home loans, car loans, and personal loans.

Enter the total loan amount you want to borrow

Enter the annual interest rate offered by the lender

Enter the loan repayment period

About EMI

EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month.

EMIs consist of both principal and interest components, with the interest component being higher in the initial years.

EMI Formula

EMI = P × r × (1 + r)ⁿ / ((1 + r)ⁿ - 1)
P = Principal loan amount
r = Monthly interest rate
n = Number of monthly installments

Common Loan Types

Home Loan
Typically 15-30 years tenure with 7-9% interest rates
Car Loan
Usually 3-7 years tenure with 8-12% interest rates
Personal Loan
Generally 1-5 years tenure with 10-20% interest rates

💡 Tips

• Choose the shortest tenure you can afford to minimize total interest

• Make prepayments when possible to reduce principal faster

• Compare interest rates from multiple lenders

• Consider the impact of processing fees and other charges

• Maintain a good credit score for better interest rates