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EMI Calculator

Calculate your monthly loan installment instantly

๐Ÿ‡ฎ๐Ÿ‡ณ Indian Rupee (โ‚น)
Loan Amount
โ‚น
Interest Rate 8.5%
% p.a.
Tenure 20 Yrs
Years
Monthly EMI
-
-
Principal
-
Total Interest
-
Total Amount
Principal
Interest

What is EMI?

EMI (Equated Monthly Installment) is a fixed amount paid by a borrower to a lender every month on a specific date. Each EMI payment includes both a principal and an interest component.

EMI Formula

EMI = P ร— r ร— (1+r)^n / [(1+r)^n - 1]
Where: P = Principal, r = Monthly Interest Rate, n = Number of Months

A higher loan amount or longer tenure increases the total interest paid. Always compare interest rates across lenders before taking a loan.

FAQs

How is EMI calculated?
EMI is calculated using the formula: EMI = P ร— r ร— (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.
Can I reduce my EMI?
Yes, you can reduce EMI by increasing the loan tenure, making a larger down payment, negotiating a lower interest rate, or making part prepayments during the loan period.
What happens if I miss an EMI?
Missing an EMI attracts a penalty charge and negatively impacts your credit score. Consistent defaults can lead to loan recall by the bank.