Loan EMI Calculator
Calculate Equated Monthly Installment for loans.
Loan Amount
Interest Rate
Tenure (Years)
Total Payable
₹6,37,411
EMI Calculator – Loan Repayment helper
Equated Monthly Installment (EMI) is the fixed amount you pay to a bank every month to repay a loan.
The EMI Calculator helps you plan your budget by showing exactly how much you need to pay for a given loan amount, tenure, and interest rate.
What is a EMI Calculator?
It computes the monthly installment comprising both principal repayment and interest payment.
It ensures the loan is fully paid off by the end of the tenure.
How does this EMI Calculator work?
The calculator uses the following formula:
E = P x r x (1+r)^n / ((1+r)^n - 1)
- E = Equated Monthly Installment (EMI)
- P = Principal Loan Amount
- r = Monthly interest rate (Annual rate / 12 / 100)
- n = Loan tenure in months
- This standard formula is used by all banks.
How to use this EMI Calculator effectively
- Enter the loan amount you need.
- Input the interest rate offered.
- Adjust the tenure to find an EMI that fits your monthly budget.
- See the total interest payable to understand the cost of the loan.
Commonly asked questions
What is EMI?
Equated Monthly Installment (EMI) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month.
How is EMI calculated?
The formula is EMI = [P x R x (1+R)^N]/[(1+R)^N-1]