Loan EMI Calculator
Calculate your Equated Monthly Installment (EMI) for home loans, car loans, personal loans, etc. Adjust the sliders to see how different loan amounts, interest rates, and tenure affect your monthly payments.
About EMI Calculator
An EMI (Equated Monthly Installment) calculator helps you estimate your monthly loan payments based on the principal amount, interest rate, and loan tenure.
How EMI is Calculated
The formula used to calculate EMI is:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Where:
- P = Principal loan amount
- R = Monthly interest rate (annual rate divided by 12)
- N = Loan tenure in months
Tips for Loan Planning
- Try to keep your EMI below 40% of your monthly income
- A shorter tenure means higher EMI but less total interest
- Compare rates from multiple lenders before finalizing a loan
- Consider prepayment options to reduce interest burden