You might be searching for a suitable and free EMI Calculator. If yes, then you are at the right website. Here you will find various EMI Calculators just like 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 EMI using our Home Loan Calculator.

How to Calculate EMI?

Here’s the formula to calculate EMI:

EMI Formula

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

For example, if you borrow ₹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 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:

  • 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 the 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.

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. 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.

Important Info:

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