EMI Calculator forHome, Car & Personal Loans
Calculate your monthly EMI, total interest, and plan your loan repayment. Make informed borrowing decisions.
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What is EMI?
EMI (Equated Monthly Installment) is a fixed payment you make every month to repay your loan. It includes both principal and interest components.
Fixed payment: Same EMI every month for easy budgeting
Principal + Interest: Each EMI has both components
Declining interest: Interest reduces over time
Tips to Reduce EMI Burden
- 1.Make prepayments whenever possible to reduce principal
- 2.Choose longer tenure for lower EMI (but higher total interest)
- 3.Compare interest rates from different lenders
- 4.Use our Part Payment calculator to see prepayment benefits
Understanding EMI for Loans in India
EMI (Equated Monthly Installment) is the fixed amount you pay every month towards your loan repayment. Understanding how EMI works helps you make better borrowing decisions and plan your finances effectively.
How is EMI Calculated?
EMI is calculated using the formula: EMI = [P × r × (1 + r)^n] / [(1 + r)^n - 1] Where P = Principal loan amount, r = Monthly interest rate, n = Loan tenure in months
Common Loan Types in India
- Home Loan: 8-9% interest, 15-30 years tenure
- Car Loan: 8-10% interest, 3-7 years tenure
- Personal Loan: 10-16% interest, 1-5 years tenure
- Education Loan: 8-12% interest, 5-15 years tenure
EMI vs Interest Rate vs Tenure
Your EMI is determined by three factors: loan amount, interest rate, and tenure. Lower interest rate or longer tenure reduces EMI but may increase total interest paid. Use this calculator to find the right balance for your budget.