emi calc

EMI Calculator

Loan EMI

Total Interest Payable

Total Payment
(Principal + Interest)

Break-up of Total Payment
Schedule showing EMI payments starting from
emi calc

Equated Monthly Installments (EMI) is the systematic repayment to the lender by a borrower of the borrowed amount. This repayment takes place over a set time at a particular date that both the borrower and the lender decide. In various forms of loans such as home loans, automobile loans, education loans, etc., the notion of EMIs is often used.

The key benefit of EMI is that the borrower is conscious about the exact amount that needs to be paid each month and the exact duration of the installment period so that they do not end up in financial distress. Below are some of the additional benefits:

Anywhere and Anytime Access

You can access the calculator from anywhere, at any time. The calculator can be used any number of times according to your convenience. You don't have to pay a visit to the bank branch or get interested in complicated mathematical calculations; you can just use the EMI calculator instead.

Accurate Results

The chance of making errors comes with doing calculations by hand. In addition, doing the same calculations will lead to further errors and more incorrect results again and again. The risk of errors increases further when you individually measure EMIs on loans issued by various banks. At the click of a button, the online EMI calculator allows you to make error-free calculations.

Take seconds for time-consuming and complex calculations

When you use the same formula repeatedly, comparing the loans offered by various banks can become very tedious and time-consuming. You'll need to spend long hours using pen and paper to calculate EMIs for a loan. However, you have the advantage of saving your precious time with this online tool and completing all the long and tedious calculations in seconds. So, from the comfort of your house, you can try out as many variations for quantity, tenure, and interest rates as you want.

Assists the Financial Planning Process

You know the amount you will have to pay when you borrow a loan with the same amount, tenure, and interest rate while calculating EMI. Before taking the loan, this tool lets you manage your finances so that your monthly budget does not take a hit. To acquire the most acceptable EMI as per your requirements, you can vary the loan parameters.

You can use an online EMI calculator for every loan

It was never this easy to calculate loan EMIs! You can use a different calculator for each loan type, whether it's one for home, car, or education. Although the parameters are typically the same for each loan, there will be instances where you will feel the need to use specific EMI calculators for a loan.

How an Equated Monthly Installment Calculator Works

Factors that majorly affect the final EMI amount that a borrower pays to the lender are loan tenure (n), principal amount (P), and interest rate (R). When we put together all these factors, a basic formula is formed that can be used to calculate the EMI.

The formula used is: EMI = (P×R× (1+R) n) ÷ ((1+R) n-1)

Depending on the loan you plan to take, there are different types of EMI calculators:

Personal Loan EMI Calculator:

These days, personal loans have become increasingly common. You can get a personal loan from different banks for going on a holiday or renovating your home. By calculating your loan details, you can get an idea about how much EMI you will have to pay the banks. With our EMI calculator, it is simple and easy.

Home Loan EMI Calculator:

One of the most common bank loans taken each year is a home loan. Typically, these loans prefer to have a significant principal and a longer tenure. This is why it is imperative to do all your calculations before you take a home loan. Our easy-to-use EMI calculator will let you know how much EMI you need to pay for the loan sum before approaching the bank so that you can have your finances in order.

Car Loan EMI Calculator:

The market for buying cars has several loan schemes open, which are very appealing. However, it is essential to note that the bank could repossess your vehicle if you cannot pay the full amount of your car loan. So, use our EMI calculator before buying your dream car.

Loan Against Property EMI Calculator:

If you have any land registered under your name or possess any residential or commercial property, then you can use this as leverage to secure a loan against property. To understand how the EMI scheme operates in this secured loan, you can use our EMI Calculator.

Floating Rate EMI Calculators:

Floating rate loans are another type of EMI, in which the interest rate on loan tends to change depending on the economy. This type of EMI's primary benefit is that it is comparatively cheaper than the other EMI options.

Flat Rate EMI Calculators:

Flat rate loans are primarily used to simplify the calculation part of the loans. For each pay cycle in this type of EMIs, the flat rate interest is taken into account for the total principal sum. For both parties, this type of EMI makes the borrowing and lending process simpler.

Many variables influence the EMI calculation. As the EMI depends on the principal amount, interest rate, and loan tenure, a difference in the EMI amount will be seen if any changes were made in these variables.

Prepayment of loan:

The prepayment balance will be deducted from the original principal if you prepay your loan, thereby reducing your loan amount. If the tenure remains the same, the EMI can either decrease or stay the same.

Change in interest rate:

The interest rates on loans can be floating, fixed, or hybrid. The rate stays the same over the loan term in the case of a fixed interest rate. A floating interest rate is correlated with the MCLR (Marginal Cost of Funds Based Lending Rate) and can be changed multiple times over the loan duration. For a specific duration, a loan with a hybrid interest rate has a fixed interest rate, after which the MCLR concludes the interest rate. Even for such loans, EMI can adjust. The EMI can change even for such loans.

Change in tenure:

In some cases, your loan tenure may change if you change banks and transfer your loan to the new bank. Your EMI calculation will affect this. If the tenure increases, the EMI may decrease and vice versa.


Are EMI calculators more precise than excel calculators?

When you are well-versed with the excel calculator, it can give you the right outcome. However, it takes more time to compute the result. In order to get the results within seconds, you can use an EMI calculator.


Are EMI calculators the same for car, home and a personal loan?

They would be the same in most situations as all three loans operate from the same basic collection of details such as borrowed number, prepayments, tenure, interest rates and processing fee, but for some calculators there may be a cap on the amount of borrowing depending on the type of loan.


How will I find the right loan for my financial needs by using the EMI calculator?

As each bank has an interest rate, you can use the EMI calculator to compare loans from different banks. The tenure can vary from bank to bank, as well. You will be able to find the best loan that fits your financial goals, with the least EMI.


Is the bank's calculated EMI going to be different from the EMI calculator?

Based on your inputs, the EMI calculator will compute the figures. Suppose you find that there are variations in tenure, interest rate, or actual principal amount (post deductions) when taking the loan from the bank, as specified by the bank. In that case, the calculated EMI can differ.