Calculate your Equated Monthly Installment (EMI), total interest, and payment schedule
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Your complete guide to understanding and using a Loan EMI Calculator effectively.
A Loan EMI Calculator is a digital tool that helps you calculate the monthly repayment amount (EMI) for any loan. Whether it's a home loan, personal loan, or car loan, this tool quickly gives you the EMI based on the loan amount, interest rate, and tenure.
EMI stands for Equated Monthly Installment — it’s the fixed amount you pay every month to repay your loan.
Using a loan EMI calculator is super easy and requires just three inputs:
Once you enter these values, the calculator will instantly display:
Yes, for fixed-rate loans. However, for floating rate loans, EMI may change depending on interest rate variations.
Yes, most banks allow part-prepayment or full pre-closure, but check for any associated charges.
No, standard EMI calculators do not include bank charges or processing fees. You’ll need to account for them separately.
Yes, the same EMI formula applies to home loans, personal loans, car loans, education loans, etc.
It’s very accurate, assuming the interest rate and tenure remain unchanged throughout the loan term.
The EMI is calculated using this standard formula:
EMI = [P × R × (1+R)N] / [(1+R)N – 1]
Where:
Let’s recap some of the most important benefits: