EMI Calculator
EMI Calculator
Calculate equated monthly installment for any loan
₹
%
years
Loan Affordability
Calculate the maximum loan you can afford based on EMI budget
₹
%
years
Formula
EMI = P × r × (1+r)^n / ((1+r)^n - 1)
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. EMIs are used to pay off both interest and principal each month so that over a specified number of years, the loan is fully paid off.
How is EMI calculated?
EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P is the loan principal, r is the monthly interest rate (annual rate / 12 / 100), and n is the total number of monthly payments.
Does a longer tenure reduce EMI?
Yes, a longer tenure reduces the monthly EMI amount. However, you end up paying more total interest over the life of the loan. A shorter tenure means higher EMIs but less total interest paid.
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