EMI Calculator

What is EMI?

EMI (Equated Monthly Installment) is the fixed amount you pay to a lender every month until your loan is fully repaid. It includes both principal repayment and interest charges. The EMI amount depends on three factors: loan amount, interest rate, and loan tenure.

EMI Formula

EMI = P × r × (1+r)^n / [(1+r)^n – 1], where P = Principal loan amount, r = monthly interest rate, n = number of monthly installments.

How to Reduce Your EMI

You can reduce your EMI by negotiating a lower interest rate, choosing a longer tenure (though total interest increases), making a larger down payment, or prepaying part of the principal when you have surplus funds.

Types of Loans

This EMI calculator works for home loans, car loans, personal loans, education loans, and any other amortizing loan with fixed monthly payments. Home loans typically have the longest tenure (up to 30 years) and lowest interest rates, while personal loans have shorter tenures and higher rates.