EMI Calculator

Calculate your Equated Monthly Installment (EMI) for any loan. View total interest payable and year-wise breakdown.

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What is EMI?

EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender at a specified date each month. EMIs are used to pay off both interest and principal each month so that over a specified number of years, the loan is paid off in full.

EMI Formula Explained

EMI = [P × r × (1+r)^n] / [(1+r)^n - 1], where P is the principal loan amount, r is the monthly interest rate, and n is the loan tenure in months.

How to Reduce Your EMI

You can reduce your EMI by making a larger down payment, choosing a longer loan tenure, negotiating a lower interest rate, or making prepayments to reduce the principal balance.

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