EMI Calculator
Calculate EMI for home, car, or personal loans with amortization schedule.
Calculate EMI for home, car, or personal loans with amortization schedule.
Monthly EMI
₹43,391
| Year | Principal | Interest | Total Paid | Balance |
|---|---|---|---|---|
| 1 | ₹99,510 | ₹4,21,182 | ₹5,20,692 | ₹49,00,491 |
| 2 | ₹1,08,306 | ₹4,12,386 | ₹5,20,692 | ₹47,92,185 |
| 3 | ₹1,17,879 | ₹4,02,813 | ₹5,20,692 | ₹46,74,307 |
| 4 | ₹1,28,297 | ₹3,92,395 | ₹5,20,692 | ₹45,46,009 |
| 5 | ₹1,39,638 | ₹3,81,054 | ₹5,20,692 | ₹44,06,371 |
EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender on a specified date each month. EMIs are used to pay off both principal and interest over a set period, making loan repayments predictable and easier to budget. Whether you're taking a home loan, car loan, or personal loan, understanding your EMI helps you plan your finances better.
The EMI is calculated using the reducing balance method, where interest is charged only on the outstanding loan balance. In the early months, a larger portion of your EMI goes toward interest. As you continue paying, the principal component increases while the interest component decreases. This is why prepaying your loan early saves more interest than prepaying later.
Choose the right tenure: A longer tenure means lower EMI but higher total interest. A shorter tenure means higher EMI but you save significantly on interest. Find the balance that suits your monthly budget while minimizing total cost.
Consider prepayment: Many banks allow partial prepayment without penalties. Use bonuses or windfalls to reduce your principal, which directly reduces your interest burden. Even small prepayments can save lakhs over the loan tenure.
Compare rates: Even a 0.5% difference in interest rate can translate to lakhs of rupees over a long tenure like a home loan. Always compare rates from multiple lenders before finalizing.
This calculator uses the standard reducing balance EMI formula used by all Indian banks and financial institutions. Enter your loan amount, annual interest rate, and tenure to see your monthly EMI and complete amortization schedule.
Formula used:
EMI = P × [r(1+r)^n] / [(1+r)^n - 1]Where P = Principal, r = Monthly interest rate (annual rate / 12 / 100), n = Number of monthly installments