EMI Loan Calculator
Calculate your Equated Monthly Installment (EMI) for any loan.
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Understanding Your Loan EMI
An Equated Monthly Installment (EMI) is the fixed payment you make to a lender every month to repay your loan. Each EMI payment consists of two parts: the principal amount and the interest charged on the loan. This calculator helps you determine how much you'll need to pay each month for a home loan, car loan, or personal loan, making it easier to plan your finances.
Frequently Asked Questions (FAQ)
What is an EMI?
EMI stands for Equated Monthly Installment. It 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.
How is EMI calculated?
EMI is calculated using the formula: E = 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 monthly installments. Our calculator handles this complex formula for you instantly.
How can I reduce my loan EMI?
You can reduce your EMI by opting for a longer loan tenure. A longer tenure spreads the principal amount over more months, reducing the monthly payment. However, be aware that a longer tenure also means you will pay more total interest over the life of the loan.
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