EMI Calculator
Calculate your monthly loan EMI (Equated Monthly Installment) with detailed breakdown
Guide
How it works
How EMI is Calculated
EMI (Equated Monthly Installment) is the fixed amount you pay every month to repay your loan. It includes both the principal amount and the interest charged by the lender.
Formula:
EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
Where: P = Principal loan amount, R = Monthly interest rate (annual rate/12/100),N = Number of monthly installments
What is EMI?
EMI stands for Equated Monthly Installment. It is the fixed payment amount made by a borrower to a lender at a specified date each calendar month.
How can I reduce my EMI?
You can reduce your EMI by making a larger down payment, choosing a longer tenure, negotiating for a lower interest rate, or making prepayments when possible.
Is EMI amount fixed?
For fixed-rate loans, EMI remains constant throughout the loan tenure. For floating-rate loans, EMI may change if the interest rate changes.
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