Loan Calculator
Monthly Payment: ₹0.00
Total Interest: ₹0.00
Total Amount: ₹0.00
Payment Schedule
| Payment # | Payment Date | Payment Amount | Interest Paid | Principal Paid | Balance |
|---|
Monthly Payment: ₹0.00
Total Interest: ₹0.00
Total Amount: ₹0.00
Monthly Payment: ₹0.00
Total Interest: ₹0.00
Total Amount: ₹0.00
Monthly Payment: ₹0.00
Total Interest: ₹0.00
Total Amount: ₹0.00
What is EMI?
Equated Monthly Installment (EMI) is the fixed amount you pay every month to a bank or financial institution until your loan is fully repaid. Each EMI consists of two components: principal repayment and interest. In the early months, the interest portion is higher, while the principal component increases gradually over time. Although your total EMI amount remains constant, the proportion of principal and interest changes with each payment. The percentage of principal paid depends on the interest rate and loan tenure.
EMI Calculation Formula
The EMI for a loan is calculated using the following formula:
Where:
✅ E = EMI
✅ P = Principal Loan Amount
✅ r = Monthly Interest Rate (Annual Rate ÷ 12 ÷ 100)
✅ n = Loan Tenure (in months)
Manually computing EMIs using this formula can be complex and time-consuming. Instead, our EMI Calculator simplifies the process, providing instant and accurate results along with visual charts that show the payment schedule and loan breakdown.
How to Use the EMI Calculator?
Our free EMI Calculator is designed to be user-friendly, fast, and accurate. You can calculate EMIs for home loans, personal loans, car loans, education loans, or any other amortizing loan in just a few clicks.
🔹 Steps to Calculate EMI:
1️⃣ Enter the loan amount you wish to borrow
2️⃣ Select the loan tenure (in months or years)
3️⃣ Input the interest rate
Use the slider or enter values manually to adjust figures. The calculator updates the EMI automatically, showing you the exact monthly payment.
Features of EMI Calculator
✔ Instant EMI Calculation – Get results in seconds
✔ Loan Breakdown Chart – Visualize total principal & interest
✔ Amortization Schedule – See yearly payments & outstanding balance
✔ Prepayment Option – Reduce interest & loan tenure
Plan Your Loan Smartly
Want to pay off your loan faster or reduce interest payments? Our Home Loan EMI Calculator with Prepayment lets you analyze how part prepayments can impact your loan tenure and overall interest costs.
Use our EMI Calculator today to make smart, well-informed financial decisions! 🚀