EMI Calculator
Calculate your Equated Monthly Installment with detailed amortization schedule
Enter Loan Details
How EMI is Calculated?
EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
Where:
P = Principal loan amount
R = Monthly interest rate
N = Loan 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 calendar month.
How does EMI calculation work?
EMI is calculated using the principal amount, interest rate, and loan tenure. The formula distributes the total payment over the loan period.
Can I prepay my loan?
Yes, most loans allow prepayment. This can significantly reduce your total interest paid and loan tenure.
What affects my EMI amount?
Three main factors affect EMI: loan amount, interest rate, and loan tenure. Higher amounts or rates increase EMI, while longer tenure decreases it.