EMI Calculator

Loan amount
Rate of interest (p.a.)
Loan tenure
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What is EMI calculator?

EMI(Equated Monthly Installment) calculator is a financial tool that helps users estimate the monthly installment amount they need to pay towards a loan. It is commonly used for loans like home loans, car loans, personal loans, and other installment-based financing. The EMI calculator takes into account the loan amount, interest rate, and tenure (the period for which the loan is taken) to provide the borrower with the fixed monthly installment amount.

Formula to calculate EMI

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

Where –

P =Principal amount

R = Rate of interest

N = Loan tenure

For Example: Person Y is looking for a personal loan of ₹15, 00,000 with a repayment period of 4 years (48 months) at aninterest rate of 10% per annum.


  • Loan Amount (P): Rs. 15,00,000
  • Annual Interest Rate (R): 10% (annual rate divided by 12 and multiplied by 0.01)
  • Tenure(N): 4 years

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

EMI= [15,00,000 x 0.01 x (1+0.01)^4] / [(1 + 0.01)^4]

Total Principal: ₹15, 00,000

Total Interest Payable: ₹4, 15,222

Total Amount Payable: ₹19, 15,222

So, Person Y would pay an EMI of ₹37,152 per month for 48 months, resulting in a total repayment of ₹19, 15,222, including ₹4, 15,222 as interest.

Advantage of EMI calculator

The EMI calculator provides various benefits:

  • Ease of Use: EMI calculators are user-friendly and require basic inputs such as loan amount, interest rate, and tenure.
  • Quick Results: They provide instant results, allowing users to see the monthly repayment amount without manual calculations.
  • Financial Planning: EMI calculators assist in financial planning by helping borrowers understand the impact of different loan terms on their monthly budget.
  • Comparison Tool: Borrowers can use the calculator to compare EMIs for different loan amounts, interest rates, and tenures, enabling them to make informed decisions.
  • Prepayment Calculation: Some advanced EMI calculators also allow users to estimate the savings from making prepayments or increasing the EMI amount.

Types of EMI Calculators

Home Loan EMI Calculator: A Home Loan EMI (Equated Monthly Installment) calculator is designed specifically for calculating the monthly installment amount for a home loan. Essential for homebuyers, this calculator estimates monthly mortgage payments based on property value, down payment, loan amount, interest rate, and tenure, aiding accurate financial planning.

Car Loan EMI Calculator: Designed for car loans, this tool helps you figure out your monthly payment. It considers the total car cost, loan amount, interest rate, and repayment period, making it easier for potential car buyers to budget effectively and assess financial feasibility.

Personal Loan EMI Calculator: Personal loans are common for things like vacations or home renovations. Our easy-to-use personal loan EMI calculator can quickly estimate your monthly payments. Explore related content for tips on managing loan payments, comparing offers, and understanding the benefits and risks of personal loans.

Education Loan EMI Calculator: Education costs are rising, especially for higher studies. If you're planning to fund your child's education, you might need a loan. Our EMI calculator can help you figure out how much you'll need to pay each month, and most education loans have a grace period before repayment starts.


What is an EMI calculator, and how does it work?
What are the benefits of using an EMI calculator?
Can I use an EMI calculator for various types of loans?
What happens if I fail to pay my EMI on time?