EMI Calculator
Calculate your Equated Monthly Installments for home loans, car loans, personal loans & more
What is an EMI?
EMI stands for Equated Monthly Installment. It 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 fully paid off along with interest.
Understanding your EMI is crucial for effective financial planning. It helps you:
- Plan your monthly budget effectively
- Compare different loan offers
- Understand the total interest payable
- Make informed decisions about loan tenure
- Plan prepayments to reduce interest burden
Home Loans
Calculate EMIs for your dream home with various tenure options
Car Loans
Plan your vehicle purchase with accurate EMI calculations
Personal Loans
Understand repayment schedules for personal finance needs
Education Loans
Plan for educational expenses with structured repayment
Loan Details
Loan Summary
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 2023 | ₹ 58,420 | ₹ 202,292 | ₹ 24,41,580 |
| 2024 | ₹ 63,280 | ₹ 197,432 | ₹ 23,78,300 |
| 2025 | ₹ 68,560 | ₹ 192,152 | ₹ 23,09,740 |
| 2026 | ₹ 74,290 | ₹ 186,422 | ₹ 22,35,450 |
| 2027 | ₹ 80,510 | ₹ 180,202 | ₹ 21,54,940 |
Understanding Loan EMIs
How is EMI Calculated?
The EMI calculation is based on the formula:
EMI = [P × R × (1+R)^N] / [(1+R)^N-1]
Where:
P = Principal loan amount
R = Monthly interest rate (annual rate divided by 12)
N = Loan tenure in months
Factors Affecting Your EMI:
- Loan Amount: Higher loan amounts result in higher EMIs
- Interest Rate: Lower rates reduce your EMI burden
- Loan Tenure: Longer tenures reduce EMI but increase total interest
- Processing Fees: Some lenders charge processing fees that affect overall cost
Tips for Managing Your EMI:
- Try to keep your EMI below 40% of your monthly income
- Opt for shorter tenures to save on interest payments
- Consider making prepayments to reduce principal amount
- Compare offers from multiple lenders before deciding
- Factor in potential interest rate changes for floating rate loans
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