EMI Calculator
Calculate your Equated Monthly Installment for home loans, car loans, and personal loans. See total interest payable and payment breakdown.
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How EMI is Calculated
EMI (Equated Monthly Installment) is calculated using the formula:
EMI = P × r × (1 + r)n / ((1 + r)n − 1)
Where P is the loan amount, r is the monthly interest rate (annual rate / 12 / 100), and n is the tenure in months.
Frequently Asked Questions
What is EMI?
EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender at a specified date each month. It includes both principal and interest components.
How is EMI calculated?
EMI is calculated using the formula: EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P is the loan amount, r is the monthly interest rate, and n is the number of months.
Does a longer tenure reduce EMI?
Yes, a longer tenure reduces the monthly EMI amount, but increases the total interest paid over the life of the loan.