EMI Calculator
Calculate monthly EMI for home, car or personal loans instantly
Loan Details
Enter your loan information
EMI Breakdown
📊 Payment Breakdown
💡 EMI Insight
Your monthly EMI is ₹8,678. You'll pay approximately equal to your principal in interest over 20 years.
📅 Amortization Schedule
Year-wise EMI payment breakdown
❓ Frequently Asked Questions
Common questions about EMI Calculator
EMI (Equated Monthly Installment) is a fixed amount paid by a borrower to a lender every month until the loan is fully paid off. It includes both principal and interest portions.
EMI is calculated using the formula:
EMI = [P × R × (1+R)^N] / [(1+R)^N - 1]
Where: P = Principal, R = Monthly interest rate, N = Number of months
Yes! Most banks allow loan prepayment. You can either reduce your EMI amount or shorten your loan tenure. Prepayment can save you significant interest over the loan period.
For fixed rate loans, EMI remains constant throughout the loan tenure. For floating rate loans, EMI can change when interest rates change.
An amortization schedule is a complete table showing each periodic loan payment. It breaks down each EMI into principal and interest portions, showing how the loan balance decreases over time.
Longer tenure = Lower EMI but higher total interest. Shorter tenure = Higher EMI but lower total interest. Choose tenure based on your monthly budget and total cost preference.