EMI Calculator

You are here because you are searching for a free online EMI Calculator tool that can help you to plan or manage your loan EMIs. Don’t worry, you found the right tool, just enter a few details in our loan calculator to see the EMI chart along with the principal amount, interest, and total EMI amount. Our loan EMI calculator is capable to calculate the EMIs online for the different types of loans and these loans can be a home loan, personal loan, or car loan. EMIcalculator.org’s free tool helps borrowers to plan & pay their repayment of the loan effectively.

What is EMI?

The EMI stands for Equated Monthly Instalment. EMI is the total amount that includes, interest on the loan and part of the principal amount. The monthly EMI is the amount payable every month to the bank, lender, or any other financial institution until the loan amount is fully paid off. The sum of principal amount and interest on the loan is divided by the repayment tenure, i.e., the number of months, in which the loan has to be repaid.

The interest component of an EMI would be larger during the initial months of the loan and gradually reduce with each repayment of the loan EMI. Your monthly EMI amount won’t change, however, the proportion of principal and interest amount will change with time. With each successive repayment of loan EMI, you’ll pay more towards the principal and less in interest.

How to Calculate the EMI?

You can calculate the EMI either by using our free online EMI calculator or manually by the below-mentioned formula. If you want to use our EMI calculator, simply scroll above, fill in the details and click on the calculate button. Otherwise use the below-mentioned formula to calculate your EMI manually.

The formula to calculate the EMI is; EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Where –

  • E – EMI
  • P – Principal Loan Amount
  • r – The rate of interest calculated on a monthly basis. (i.e., r = Rate of Annual interest/12/100. If the rate of interest is 11% per annum, then r = 11/12/100=0.009166)
  • n is loan term/tenure/duration in number of months

For example, if you take a loan of ₹1,00,000 from the bank at 11% annual interest and for a period of 5 years (i.e., 60 months), then EMI = ₹1,00,000 * 0.00916 * (1 + 0.00916)120 / ((1 + 0.00916)120 – 1) = ₹2,174. i.e., you will have to pay ₹2,174 for 60 months to repay the entire loan amount. The total amount payable will be ₹2,174 * 60 = ₹1,30,440 that includes ₹30,440 as interest toward the loan.

Calculating EMI manually for different combinations of the principal loan amount, interest rates, and loan term by using the above EMI formula is time-consuming, complex, error-prone, and frustrating. So, our EMI calculator makes this calculation process simple for you. And gives you the result in a split of seconds along with visual charts or tables displaying the payment schedule and the break-up of total payment.

How EMI Calculator Works?

The emicalculator.org EMI calculator works in three simple steps:

  1. Fill in the loan amount you want to take
  2. Now, fill in the interest rates at which you are going to get the loan
  3. Finally, fill the loan tenure and hit the Calculate button

That’s it! Our calculator will show you the breakdown of your loan in EMIs and also show the amount of principal and interest paid each month separately in a table. However, you can also calculate the loan EMI manually using a formula that is explained below.

How to Use the EMI Calculator?

You can calculate EMI for a home loan, car loan, personal loan, auto loan, education loan, or any other fully amortizing loan using our EMI Calculator. Just enter the following information in the EMI Calculator tool and click on Calculate Button to calculate EMI online:

  • The principal loan amount you wish to avail (in INR)
  • Rate of interest (percentage)
  • Loan Tenure (months or years)

EMI Calculator Chart & Repayment Table

A chart indicating the Loan Details like Loan amount, Interest Rate, Loan Tenure, Total Monthly EMI amount, and the total number of EMIs, is also displayed for a better understanding. The EMI schedule table shows monthly repayments for the entire loan duration along with additional information like principal amount for that month, interest paid for that month, total interest paid till that month, and balance amount.

Take a note, a portion of each payment is made for the interest while the remaining amount is applied towards the principal balance amount. During the initial loan period, a large portion of each EMI payment is devoted to interest. With the passage of time, larger portions pay down the principal amount.

Benefits of using EMI Calculator

The main benefit of using an EMI calculator for EMI calculation is ease to use & error-free calculation. Calculating the EMI manually is time-consuming and error-prone. So, using an online free EMI calculator is the best idea. Our EMI calculator can help in loan calculation online for free with a lot of useful information displayed in a chart/table.

Type of EMIs

The main of EMIs are:

  • Flat Rate EMI – Flate Rate EMI is calculated on the whole amount and interest is added to the amount. To loan EMI Calculation the sum of Principle amount and Interest amount is divided by the number of months.
  • Monthly Reducing EMI – Monthly reducing EMI Rates are different from Flat Rate EMI. These EMIs Calculated on the balance principal amount outstanding each month.

Factors affecting your EMIs

The main affecting factors for your EMIs are:

  • Salaried Person, Self- Employed Professional or a Businessman
  • Income per month
  • Age
  • Self and Co-applicant’s Qualifications
  • Number of total dependants
  • Co-Applicants Income (wife/mother/father, etc)
  • Assets, Liabilities, and Stability
  • Continuity of Occupation of the borrower
  • Savings and Savings History

Further, the loan eligibility and number of EMI will also be dependent on your Credit Score.

EMICalculator FAQs

What is the meaning of EMI?

The meaning of EMI is Equated Monthly Instalment. Equated Monthly Instalment or EMI in short is the amount payable every month to the bank, lender or any other financial institution until the loan amount is fully paid off.

How does EMI Calculated?

The mathematical formula for calculating EMIs is – EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P indicates the loan amount or principal, R is the interest rate per month, and N is the number of monthly installments. You can also do EMI calculations using our online calculator.

How to use an EMI Calculator?

Using an online EMI Calculator is too easy, just enter the following information: The principal loan amount you wish to avail (in INR), Rate of interest (percentage), and Loan Tenure (months or years). That is all and your EMI will be calculated.

How is Loan Interest and EMI Calculated?

The mathematical formula for calculating EMIs is – EMI = [P x R x (1+R)^N]/[(1+R)^N-1]. Where – E is EMI, P is Principal Loan Amount, r is the rate of interest calculated on a monthly basis, and n is loan term/tenure/duration in number of months

What is EMI in advance and EMI in arrears?

In the normal EMI schemes (also called EMI in arrears) some amount of the loan will be transferred to the loan borrower and EMI of a fixed amount will start from the end of the first month. But in the advance EMI scheme, the first month EMI would be deducted from the amount disbursed and the remaining will be paid afterward.

Can I pay advance EMI before the due date?

Yes, you can pay your EMI before the due date. But you have to check with your lender. Most of the lenders accept EMIs before the due date.

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