# EMI Calculator Online – Calculate the EMI for Personal and Home Loan

You might be searching for a suitable, easy to use and free EMI Calculator. If yes, then you are on the right page. Here you will find various EMI Calculators to Calculate the EMI like Personal Loan EMI Calculator, Home Loan EMI Calculator, etc.

## What is EMI?

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

EMI consists of the interest on loan as well as part of the principal amount to be repaid. The sum of principal amount and interest is divided by the repayment tenure, i.e., the number of months, in which the loan has to be repaid. This amount (EMI) has to be paid monthly. The interest component of the EMI would be larger during the initial months and gradually reduce with each repayment. Your monthly EMI payment won’t change, the proportion of principal and interest components will change with time. With each successive repayment, you’ll pay more towards the principal and less in interest.

You can also calculate the EMI for your Home Loan calculation using our Home Loan Calculator. Our EMI Calculator for loan is very easy to use for calculate interest on loan.

## How to Calculate the EMI?

Here’s the formula to calculate the EMIEMI = [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 borrow a loan of ₹1,00,000 from the bank at 11% annual interest 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 for different combinations of the principal loan amount, interest rates and loan term using the above EMI formula by hand is time-consuming, complex and error-prone. Our EMI calculator automates this calculation process for you and gives you the result in a split second along with visual charts displaying payment schedule and the break-up of total payment.

## How to Use the EMI Calculator?

With colorful charts and instant results, our EMI Calculator is easy to use, easy to understand and is quick to perform. You can calculate EMI for home loan, car loan, personal loan, education loan or any other fully amortizing loan using our EMI Calculator.

Just enter the following information in the EMI Calculator to calculate EMI online:

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

Use the slider to adjust the values in our online EMI calculator form or simply you can enter the desired amount by typing in the boxes. As soon as the values are changed using the slider or entered manually (hit the ‘tab’ key after entering the values directly in the input fields), the EMI calculator will re-calculate your monthly repayment (EMI) amount.

## EMI Calculator Pie Chart

A pie chart depicting the break-up of total payment (i.e., total principal vs. total interest payable) is also displayed for a better understanding of EMI payment. It displays the percentage of total interest versus principal amount in the sum total of all payments made against the loan in total.

## EMI Calculator Repayment Table

The payment schedule table showing payments made every month for the entire loan duration is displayed along with a chart showing interest and principal components paid each year. A portion of each payment is 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. The payment schedule also shows the intermediate outstanding balance for each month/year which will be carried over to the next year.

## Benefits of EMI Calculator

One can calculate the EMI manually but it is time-consuming and can kill your time. In this digital era is a bad idea for manual EMI Calculation because our EMIcalculator helps you in loan calculation, calculate EMI Online, EMI Calc, EMI Rates and calculate interest on loan.

## Type of EMIs

Basically EMIs are described in two categories. One is Flat EMI and the other is Monthly Reducing EMI.

• 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.

If one is applying for any loan, he/she should know that there are many factors that affect EMI and loan amount. For instance, those 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.

Our EMI Calculator for loan shows the loan calculation that help you to calculate interest on loan, check EMI, EMI Rate, calculation rate of interest. It is also called as loan calculator EMI, calc loan or EMI calc.

## EMI Calculator FAQs

What is the meaning of EMI?

The meaning of EMI is Equated Monthly Instalment.

What is an EMI?

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

How is 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.

How to use an EMI Calculator?

Just enter the following information in the EMI Calculator – 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. (i.e., r = Rate of Annual interest/12/100. If rate of interest is 10.5% per annum, then r = 10.5/12/100=0.00875)
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 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.