Advanced EMI Calculator

Calculate your Equated Monthly Installment (EMI) for home loans, car loans, personal loans and more. Get detailed amortization schedule and payment breakdown.

Current Rates
Home Loan: 8.5% Car Loan: 9.5%

EMI Calculator

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Common rates:

About EMI (Equated Monthly Installment)

EMI Calculation

EMI is calculated using the following formula:

EMI = [P × r × (1 + r)^n] / [(1 + r)^n - 1]

Where:
P = Principal loan amount
r = Monthly interest rate (annual rate / 12 / 100)
n = Loan tenure in months

Key Points
  • EMI remains constant throughout the loan tenure
  • Initial payments have higher interest component
  • Later payments have higher principal component
  • Longer tenure reduces EMI but increases total interest

Example EMI Calculations

Home Loan
  • Amount: ₹30,00,000
  • Tenure: 20 years
  • Rate: 8.5%
  • EMI: ₹26,061
  • Total Interest: ₹32,54,640
Car Loan
  • Amount: ₹5,00,000
  • Tenure: 5 years
  • Rate: 9.5%
  • EMI: ₹10,500
  • Total Interest: ₹1,30,000
Personal Loan
  • Amount: ₹2,00,000
  • Tenure: 3 years
  • Rate: 12%
  • EMI: ₹6,642
  • Total Interest: ₹39,112

Loan Types

Home Loan
8.5-10.5% interest
Car Loan
9.5-12% interest
Personal Loan
10.5-18% interest
Education Loan
8.5-12% interest

EMI FAQs

EMI stands for Equated Monthly Installment. It's the fixed payment amount a borrower pays to a lender at a specified date each calendar month. EMI includes both principal and interest components.

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 monthly installments.

Yes, you can reduce your EMI by either negotiating a lower interest rate with your lender or by increasing the loan tenure. However, increasing tenure will increase the total interest paid over the loan period.

Prepayment refers to paying off a part or whole of your loan before the scheduled tenure ends. Most lenders allow prepayment after a lock-in period, though some may charge a prepayment penalty.

Missing EMI payments can lead to late payment fees, penalty interest charges, and a negative impact on your credit score. Repeated defaults may lead to loan recall or asset seizure in case of secured loans.

EMI Payment Tips

  • Choose shorter tenure if you can afford higher EMIs to save on interest
  • Make part prepayments whenever possible to reduce principal
  • Negotiate for lower interest rates with your lender
  • Set up auto-debit to avoid missing payments
  • Consider balance transfer if better rates are available elsewhere