Finance
Loan EMI Calculator
Calculate your monthly loan EMI, total interest, and view a full amortization schedule.
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Loan EMI Calculator
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Monthly EMI
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—Total Payment
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Amortization Schedule
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What Is EMI?
An Equated Monthly Instalment (EMI) is a fixed payment amount made by a borrower to a lender on a specified date each calendar month. EMIs are used to pay off both interest and principal each month.
EMI Formula
EMI = P × r × (1 + r)ⁿ / ((1 + r)ⁿ − 1)
Where P = principal loan amount, r = monthly interest rate (annual rate ÷ 12 ÷ 100), n = number of monthly instalments.
Types of Loans
- Home Loan: Typically 7–9% p.a., tenure up to 30 years.
- Car Loan: Typically 8–12% p.a., tenure 3–7 years.
- Personal Loan: Typically 10–24% p.a., tenure 1–5 years.
- Education Loan: Typically 7–15% p.a., variable tenure.
Tips to Reduce Your EMI Burden
- Make a larger down payment to reduce the principal.
- Choose a longer repayment tenure (lowers EMI but increases total interest).
- Negotiate for a lower interest rate or opt for a floating rate if rates are expected to fall.
- Make prepayments whenever possible to reduce outstanding principal.