EMI Calculator

Planning to take out a home loan, car loan, or personal loan? The first step is to understand your Equated Monthly Installment (EMI). Our free online EMI calculator is a simple yet powerful tool that helps you calculate your monthly payments accurately. By adjusting the loan amount, interest rate, and tenure, you can instantly see how your EMI changes, allowing you to plan your finances with confidence.

How to Use the EMI Calculator

Our interactive calculator provides real-time results as you adjust the inputs:

1. Loan Amount: Use the slider or input box to set the total amount you wish to borrow.
2. Interest Rate: Set the annual interest rate offered by your bank or financial institution.
3. Loan Tenure: Select the duration of the loan in years.

The tool will instantly display your monthly EMI. The pie chart and summary below provide a clear breakdown of the total amount you'll pay, separating the principal amount from the total interest payable over the loan's lifetime.

What is an EMI?

An Equated Monthly Installment (EMI) is a 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 paid off in full. It is the most common way of repaying loans.

The EMI Calculation Formula

Our calculator uses the standard formula to compute the EMI:

EMI = [P x R x (1+R)^N] / [(1+R)^N-1]

Where:

• P is the Principal (loan) amount.
• R is the monthly rate of interest (annual rate / 12 / 100).
• N is the number of monthly installments (tenure in years * 12).

Frequently Asked Questions (FAQ)

How can this calculator help me plan my loan?

By using the sliders, you can see how changing the loan tenure or amount affects your monthly payment. A longer tenure will result in a lower EMI, but you will pay more in total interest. This tool helps you find the perfect balance between a manageable monthly payment and the total cost of the loan.

Is this calculator accurate?

Yes. It uses the standardized mathematical formula for calculating EMIs. The results are highly accurate based on the inputs you provide. Note that some banks may have slightly different calculation methods or additional fees not included here.

Is my financial data safe?

Absolutely. This EMI calculator operates entirely within your web browser. No financial data you enter—loan amount, interest rate, or tenure—is ever sent to or stored on our servers. Your calculations are completely private and secure.