About EMI Calculator

EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender at a specified date each month. Our EMI calculator helps you calculate:

• Your monthly loan installment
• The total interest payable over the loan tenure
• The total amount you will pay (principal + interest)
• Year-by-year breakdown of your loan repayment

How to use this calculator

1. Enter the loan amount you wish to borrow
2. Set the interest rate offered by your lender
3. Specify the loan tenure in years or months
4. Select your loan type
5. Click "Calculate" to see your results

EMI Calculation Formula

EMI = [P × r × (1 + r)^n] / [(1 + r)^n - 1]

Where:

• P = Principal Loan Amount
• r = Monthly Interest Rate (Annual Rate / 12 / 100)
• n = Loan Tenure in Months

Factors Affecting Your EMI

• Loan Amount: Higher loan amounts result in higher EMIs.
• Interest Rate: Higher interest rates increase your EMI and total interest payable.
• Loan Tenure: Longer tenures reduce your EMI but increase the total interest paid.
• Prepayment: Making prepayments reduces your outstanding principal and future interest.