EMI Calculator
Calculate your Equated Monthly Installment (EMI) instantly and visualize the breakdown of your loan repayment.
Calculation Results
Monthly EMI:
₹0.00
Total Interest Payable:
₹0.00
Total Payable Amount:
₹0.00
Total Payment Breakdown
Principal
Interest
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How EMI Calculations Work
The EMI (Equated Monthly Installment) is a fixed payment amount that a borrower pays to a lender on a monthly basis. This payment covers both the principal loan amount and the interest.
The standard formula used for calculating EMI is:
$$EMI = P \times \frac{R \times (1+R)^N}{(1+R)^N-1}$$
- P: Principal Loan Amount
- R: Monthly Interest Rate (calculated as (Annual Rate / 12) / 100)
- N: Loan Tenure in Months
Our calculator simplifies this process, providing clear results and a visual breakdown to help you plan your finances effectively.
Frequently Asked Questions (FAQs)
1. What is an EMI?
An EMI (Equated Monthly Installment) is a fixed payment amount that you pay to a lender every month until your loan is fully repaid. This payment comprises both the principal loan amount and the interest accrued on it.
2. How does the interest rate affect my EMI?
Generally, a higher interest rate leads to a higher EMI, increasing your overall loan cost. Conversely, a lower interest rate will reduce your monthly EMI, making your loan more affordable.
3. Why is loan tenure important for EMI?
Your loan tenure (the duration of your loan) significantly impacts your EMI. A longer tenure means lower monthly EMIs but a higher total interest paid over time. A shorter tenure results in higher EMIs but saves you a considerable amount on interest.
4. Can I pre-pay my loan? How does it help?
Yes, pre-paying (making additional lump-sum payments) your loan is often beneficial. It reduces the outstanding principal, which in turn lowers the total interest you'll pay and can significantly shorten your loan's duration.
5. Is this calculator suitable for all types of loans in India?
Absolutely! This EMI calculator is designed to provide accurate estimates for various types of loans common in India, including home loans, car loans, personal loans, and other fixed-rate loans.