EMI (Equated Monthly Instalment) is a fixed monthly payment made to repay a loan. It includes both principal and interest components. The formula is EMI = P × r × (1+r)^n / ((1+r)^n – 1).

How can I reduce my EMI?

You can reduce EMI by choosing a longer tenure (increases total interest paid), negotiating a lower interest rate, or making a larger down payment to reduce the principal amount.

Is this EMI calculator accurate?

Yes, this EMI calculator uses the standard reducing balance formula used by banks. It provides accurate EMI, total interest, and year-wise amortisation schedule for home loans, car loans, and personal loans.

EMI Calculator — Free Online Loan EMI Calculator

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Monthly EMI 0

Principal Amount 0

Total Interest 0

Total Payment 0

Amortisation Schedule

Year	Opening Balance	EMI Paid	Principal Paid	Interest Paid	Closing Balance

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 the principal repayment and interest on the outstanding loan amount. EMI is calculated using compound interest and remains constant throughout the loan tenure, making it easy to plan your monthly budget.

Benefits of Using an EMI Calculator

Budget Planning: Know your exact monthly outgo before taking a loan. Use our Salary Calculator to check affordability.
Compare Loan Offers: Quickly compare EMIs across different interest rates and tenures from various lenders.
Understand Interest Cost: See the total interest you will pay over the life of the loan.
Amortisation Insight: The year-wise breakup shows how principal and interest components change over time.
Instant Results: Get accurate EMI calculations in real time without any complex math.

EMI Calculation Formula

EMI = P × r × (1 + r)ⁿ / ((1 + r)ⁿ − 1)

Total Payment = EMI × n

Total Interest = Total Payment − P

Where:

P = Principal loan amount
r = Monthly interest rate (Annual Rate / 12 / 100)
n = Total number of monthly instalments (Years × 12)

How Our EMI Calculator Works

Loan Amount: Enter the total loan principal you wish to borrow.
Interest Rate: Enter the annual interest rate offered by the lender.
Loan Tenure: Enter the repayment period in years (1–30 years).
Amortisation Schedule: The table shows year-wise breakdown of opening balance, EMI paid, principal & interest components, and closing balance.
Visualisation: The stacked chart illustrates how principal and interest payments change each year.

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