Loan EMI Calculator for Home, Car & Personal Loans

Using an EMI Calculator is the first step in financial planning before taking a loan. Whether you are looking for a home loan, car loan, or personal loan, knowing your exact Equated Monthly Installment (EMI) helps you assess your repayment capacity.

How is EMI Calculated?

The mathematical formula for calculating EMI is: E = P x R x (1+R)^N / [(1+R)^N-1]

• P (Principal): The loan amount you wish to borrow.
• R (Rate): The monthly interest rate (Annual rate / 12 / 100).
• N (Tenure): The loan duration in months.

Factors that affect your EMI

Your monthly payment depends on three primary factors:

• Loan Amount: Higher loans result in higher EMIs.
• Interest Rate: A higher rate increases your interest burden significantly over time.
• Tenure: Choosing a longer tenure reduces your monthly EMI but increases the total interest you pay to the bank. Use this tool to find the sweet spot between a comfortable monthly payment and low total interest.