Financial Tools
EMI Calculator
Calculate your Equated Monthly Installments for Home Loan, Car Loan, and Personal Loan
Accurate Results
Instant Calculation
Home Loan
Car Loan
Personal Loan
Five Lakh Rupees Only
Your EMI Breakdown
Loan Amount
₹5,00,000
Monthly EMI
₹4,300
Total Interest
₹5,32,000
Total Amount
₹10,32,000
Yearly Breakdown
Tax Benefits
Home Loan: Up to ₹2 lakh on interest under Section 24
Education Loan: Deduction under Section 80E
Amortization Schedule
| Year | Interest Paid | Principal Paid | Remaining Balance |
|---|
About 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 paid off in full.
EMI Calculator FAQs
How is EMI calculated?
EMI is calculated using the formula: EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P is the principal loan amount, R is the monthly interest rate, and N is the number of monthly installments.
What factors affect my EMI?
EMI is primarily affected by the loan amount, interest rate, and loan tenure. A higher loan amount or interest rate increases EMI, while a longer tenure reduces it.
Can I prepay my loan?
Yes, most lenders allow prepayment of loans, though some may charge a prepayment penalty, especially during the initial years of the loan.
What is the difference between reducing balance and flat interest rate?
In reducing balance method, interest is calculated on the outstanding principal, which reduces over time. In flat interest rate method, interest is calculated on the original principal for the entire loan tenure.