EMI Calculator
EMI Breakdown
An EMI Calculator helps you calculate your monthly loan installment, total interest payable, and total repayment amount based on your loan details.
By entering the loan amount, interest rate, and tenure in months, you can instantly get accurate EMI results without manual calculations.
As a result, you can clearly understand your repayment structure before applying for a loan.
Moreover, this EMI calculator is suitable for home loans, car loans, personal loans, and business loans. Additionally, it helps users estimate their monthly financial commitment in advance. Therefore, borrowers can plan their finances more effectively. Furthermore, it allows easy comparison between different loan amounts and tenures. In addition, users can adjust interest rates to check how EMI changes. Consequently, this makes loan planning more transparent and reliable.
Thus, choosing the right loan option becomes simpler and stress-free.
Formula Used for EMI Calculation
The calculator uses the standard EMI formula:
EMI = [P × R × (1 + R)ⁿ] ÷ [(1 + R)ⁿ − 1]
Where:
- P = Loan Amount (Principal)
- R = Monthly Interest Rate
- (Annual Interest Rate ÷ 12 ÷ 100)
- n = Loan Tenure in Months
This formula ensures accurate and industry-standard EMI results.
How EMI Is Calculated
The calculator follows these steps:
- User enters the loan amount.
- Annual interest rate is converted into a monthly interest rate.
- Loan tenure is taken in months.
- EMI is calculated using the standard formula.
- Based on EMI, the calculator determines:
- Monthly EMI
- Total Interest Payable
- Total Amount Payable
Calculator Features
- Instant EMI calculation
- Quick amount selection buttons (5L, 10L, 25L, 50L)
- Predefined interest rate options
- Flexible loan tenure selection
- Accurate Indian currency formatting
- Mobile-friendly interface
- Free to use
Disclaimer
The EMI results shown by this calculator are approximate values and meant for informational purposes only. Actual EMI may vary depending on bank policies, processing fees, and applicable taxes.