EMI Calculator

Determine your monthly EMI effortlessly with this precise and user-friendly tool. Input the loan amount, interest rate, and duration to receive prompt results. Perfect for home, vehicle, and personal loans, this tool assists you in managing your finances wisely and making educated borrowing choices.

What is an EMI?

An EMI (Equated Monthly Installment) is the fixed amount you pay every month to repay a loan. It includes both principal (the loan amount) and interest spread over a pre-decided tenure.

Banks and lenders use EMI to structure loan payments and make them manageable for borrowers.

Key Components of EMI

• Principal: Total amount borrowed
• Interest Rate: Annual rate charged by the bank/lender
• Loan Tenure: Duration of repayment (in months or years)
• EMI Amount: Monthly payment combining principal + interest

Formula for EMI

$$\text{EMI}=\frac{P\times r\times {(1+r)}^n}{{(1+r)}^n–1}$$

Where:

• $P$ = Principal loan amount
• $r$ = Monthly interest rate
  (Annual Rate ÷ 12 ÷ 100)
• $n$ = Total number of monthly installments

How to find EMI using our Calculator?

1. Enter the “Loan Amount”, “Rate of interest p.a.”, “Tenure” (in years or months), and “Prepayment” (if any).
2. Click “Calculate” to find the EMI.