EMI Calculator
Calculate your loan EMI for home loan, car loan, personal loan, or education loan. Get instant results with detailed amortization schedule.
Loan Details
₹25,00,000
₹1L₹5Cr
8.5%
5%20%
20
1 Yr30 Yrs
EMI Summary
Monthly EMI
₹0
Principal Amount₹25,00,000
Total Interest₹0
Total Amount Payable₹0
Payment Breakdown
Infinity%
NaN%
PrincipalInterest
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Understanding EMI
What is EMI?
EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender at a specified date each calendar 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.
How is EMI Calculated?
EMI is calculated using the formula: EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
- P = Principal loan amount
- R = Monthly interest rate (Annual rate / 12 / 100)
- N = Loan tenure in months
Factors Affecting EMI
- Loan Amount: Higher loan amount means higher EMI
- Interest Rate: Higher interest rate increases EMI
- Loan Tenure: Longer tenure reduces monthly EMI but increases total interest
Tips to Reduce EMI
- Make a higher down payment to reduce loan amount
- Opt for a longer tenure to reduce monthly burden
- Compare interest rates from different lenders
- Maintain a good credit score for better rates
- Consider prepayment to reduce principal and tenure