EMI Calculator

Calculate your Equated Monthly Instalment for any loan

Monthly EMI: 0.00
Total Interest: 0.00
Total Payment: 0.00

What is EMI?

EMI (Equated Monthly Instalment) is a fixed monthly payment made by a borrower to a lender on a specified date each month. It includes both principal repayment and interest on the outstanding loan balance.

EMI Formula

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

  • P = Principal loan amount
  • r = Monthly interest rate (annual rate / 12 / 100)
  • n = Total number of monthly instalments

Types of Loans & Typical Rates

Common Loan Types

  • Home Loan — 8% to 10% p.a.
  • Car Loan — 7% to 12% p.a.
  • Personal Loan — 10% to 24% p.a.
  • Education Loan — 8% to 14% p.a.
  • Gold Loan — 7% to 15% p.a.

Tips to Reduce EMI

  • Negotiate a lower interest rate
  • Increase the loan tenure
  • Make a larger down payment
  • Maintain a good credit score
  • Transfer to a lower-rate lender

Frequently Asked Questions

Can I prepay my loan to reduce EMI?

Yes, most lenders allow partial or full prepayment. This reduces either your EMI or tenure, saving you interest in the long run.

Is a longer tenure always better?

A longer tenure lowers your EMI but increases total interest paid. Choose a tenure that balances affordability with overall cost.

What happens if I miss an EMI payment?

Missing an EMI can lead to late payment fees, a negative impact on your credit score, and additional interest charges.