EMI Calculator
Calculate your monthly loan EMI, total interest, and total repayment amount based on loan amount, interest rate, and loan tenure.
Loan Details
EMI Breakdown
Monthly EMI
₹0
Monthly EMI
₹0
Total Interest
₹0
Total Payment
₹0
Payment Summary
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 fully paid off.
EMI Formula
EMI = [P × r × (1 + r)^n] / [(1 + r)^n – 1]
P = Loan Amount (Principal)
r = Monthly Interest Rate (Annual Rate ÷ 12 ÷ 100)
n = Tenure in Months
Example Calculation
Loan Amount: ₹5,00,000
Interest Rate: 10% per annum
Tenure: 5 years (60 months)
Monthly EMI: ₹10,624
Fixed Monthly Payment
EMI remains constant throughout the loan tenure, making budgeting easier.
Principal & Interest
Each EMI payment covers both principal repayment and interest charges.
Loan Security
Regular EMI payments help build credit history and ensure loan closure.
Key Benefits
- Predictable monthly payments
- Better financial planning
- Builds credit score
- Tax benefits on certain loans
Mathematical Formula
EMI = [P × r × (1 + r)^n] / [(1 + r)^n – 1]
Step-by-Step Calculation
Convert Annual Rate to Monthly
Monthly Rate = Annual Rate ÷ 12 ÷ 100
Calculate (1 + r)^n
Compound factor for the tenure
Apply EMI Formula
Calculate numerator and denominator separately
Worked Example
Given:
• Loan Amount (P) = ₹5,00,000
• Annual Interest Rate = 10%
• Loan Tenure = 5 years
Calculation:
• Monthly Rate (r) = 10 ÷ 12 ÷ 100 = 0.008333
• Tenure (n) = 5 × 12 = 60 months
• (1 + r)^n = (1.008333)^60 = 1.6453
EMI = ₹10,624
Total Interest = ₹1,37,440
Total Payment = ₹6,37,440
Important Notes
Rounding
EMI is typically rounded to the nearest rupee
Processing Fees
Additional charges may apply separately
Variable Rates
EMI may change if interest rates are variable