EMI Calculator for Home Loan, Car Loan & Personal Loan in India

EMI Calculator: What is EMI?

Equated Monthly Installment – EMI for short – is the amount payable every month to the bank or any other financial institution until the loan amount is fully paid off. It consists of the interest on loan as well as part of the principal amount to be repaid. The sum of principal amount and interest is divided by the tenure, i.e., number of months, in which the loan has to be repaid. This amount has to be paid monthly. The interest component of the EMI would be larger during the initial months and gradually reduce with each payment.

The exact percentage allocated towards payment of the principal depends on the interest rate. Even though your monthly EMI payment won’t change, the proportion of principal and interest components will change with time. With each successive payment, you’ll pay more towards the principal and less in interest.

Short Understand

  • EMIs can be calculated in two ways: the flat-rate method or the reducing-balance method.

Here’s the formula to calculate EMI:


E is EMI

P is Principal Loan Amount

r is rate of interest calculated on monthly basis. (i.e., r = Rate of Annual interest/12/100. If rate of interest is 10.5% per annum, then r = 10.5/12/100=0.00875)

n is loan term / tenure / duration in number of months

With colourful charts and instant results, our EMI Calculator is easy to use, intuitive to understand and is quick to perform. You can calculate EMI for any loan using this calculator.

Enter the following information in the EMI Calculator:

  • Principal loan amount you wish to avail (rupees)
  • Loan term (months or years)
  • Rate of interest (percentage)
  • EMI in advance OR EMI in arrears (for car loan only)

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