EMI Calculator

The EMI (Equated Monthly Installment) Calculator helps you calculate your monthly loan payment for home loans, car loans, personal loans, and other credit products. EMI is the fixed amount you pay each month to repay your loan over the agreed tenure. Understanding your EMI before taking a loan is crucial for budgeting and ensuring the loan is affordable. This calculator shows not only your monthly payment but also the total interest you'll pay and the total amount you'll repay over the loan tenure, helping you make informed borrowing decisions.

The EMI is calculated using the formula: EMI = [P × r × (1 + r)^n] / [(1 + r)^n - 1], where P is the principal loan amount, r is the monthly interest rate, and n is the number of months. The calculator breaks down your payment into principal and interest components, showing how much of each payment goes towards reducing your loan and how much goes towards interest. This breakdown helps you understand the true cost of borrowing.

For a ₹25 lakh home loan at 8% annual interest for 20 years (240 months): Your monthly EMI would be approximately ₹18,413. Over 20 years, you'd pay ₹44.19 lakhs in total, meaning ₹19.19 lakhs goes towards interest. This example shows the significant cost of borrowing and the importance of comparing loan offers.

Planning a loan? Use this calculator to understand how different loan amounts, interest rates, and tenures affect your monthly EMI. Make informed borrowing decisions.