EMI Calculator

Loan Amount (in Rupees)
Interest Rate (in % per annum)
Loan Term (in months)

For borrowers requiring a loan, the Equated Monthly Instalment (EMI) is a fixed amount they must pay the lender every month to settle the loan over a fixed period. EMI usually covers the loan's principal amount and the applicable interest.

Calculating EMI manually every time to find the ideal loan can be tedious and time-consuming. For this reason, an EMI calculator is a very useful tool. Borrowers may save time and effort by using an EMI calculator to determine their loan payments quickly and conveniently. Simply enter the loan amount, interest rate, and term length. An quick calculation of your expected EMI, principal repayment, and interest throughout the life of your loan will be provided.

What does EMI mean?

Equated Monthly Instalments (EMI) is a payment that is required by the lender to be made every month by the borrower. It consists of both the loan principal and the interest charged on it. The loan amount, the rate of interest, and the loan tenure determine the amount of the EMI. Longer loan tenure generally translates to a lower EMI but a higher interest rate paid. Conversely, a shorter loan tenure means a higher EMI must be paid, but a lower overall interest rate is paid. 

Home, personal, vehicle, and school loans are just some of the types of loans that benefit from the convenience and flexibility of EMI. Borrowers who choose EMI may more easily monitor their cash flow and make timely loan payments.

What is an EMI Calculator?

To determine the regular payment required to settle a loan, borrowers may utilize an EMI (Equated Monthly Instalment) calculator available online. The EMI is based on the loan amount, interest rate, and repayment period.

Borrowers may use an EMI calculator to better organize their monthly spending and budget. It shows exactly how much they need to put aside every month to repay the loan, as well as the total amount they will pay back throughout the life of the loan.

This method is widely used in the finance industry for several purposes. Borrowers may choose the best loan for their circumstances by using an EMI calculator to evaluate alternative repayment plans.

EMI calculator's formula

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]


P = Principal amount of the loan

R = Rate of interest per month (rate of interest per annum divided by 12)

N = Loan tenure in months


When taking a loan of Rs. 10,00,000 with an interest rate of 10% per annum for a five-year tenure, one can calculate the monthly installment using the following formula: 

EMI = [10,00,000 x 0.00833 x (1+0.00833)^60]/[(1+0.00833)^60-1]

The result will be Rs. 21,539 monthly for a five-year loan term. Though manual calculation of the EMI is possible, an online EMI calculator should always be used for quick and accurate results.

Use of an EMI Calculator Has These Benefits:

Helps in Financial Planning: 

One of the most significant advantages of using an EMI calculator is that it helps with financial planning. By knowing the EMI amount, borrowers can plan their finances, including budgeting expenses, saving for future expenses, and ensuring timely loan repayment. This helps in avoiding any financial stress and ensures a smooth repayment process.

Facilitates Easy Comparison:

The ability to quickly and easily compare the terms of loans from several providers is another another advantage of utilizing an EMI calculator. Borrowers may evaluate the monthly payment, interest rate, and other aspects of various loans with the use of an EMI calculator. This facilitates their ability to choose which of the available loan programs best meets their needs.

Saves Time and Effort: 

Manual calculations of loan EMI can be time-consuming and complicated and may also lead to errors. An EMI calculator saves time and effort by providing accurate results in a matter of seconds. Moreover, the calculator is easily accessible online, and borrowers can use it anytime and anywhere.

Helps in Decision Making: 

An EMI calculator can help borrowers make informed decisions while taking a loan. By experimenting with different loan amounts, tenures, and interest rates, borrowers can assess their monthly EMI and choose a loan that best fits their budget and financial goals.

Enables Better Negotiation: 

An EMI calculator can help borrowers negotiate better loan terms with the lender. By knowing the exact amount of EMI they can afford to pay, borrowers can negotiate the loan amount, interest rate, and tenure to suit their requirements. This helps in getting a loan at a favorable rate and saves money in the long run.

Why should you use an EMI Calculator?

The use of an EMI calculator offers many advantages: 


This helpful tool accurately calculates the monthly payments based on the loan amount, tenure, and interest rate, enabling people to plan their finances better and reduce the chances of discrepancies in the future. 


Calculating EMIs manually is a tedious and lengthy process, but with an EMI calculator, one can get instant results, thus saving precious time.


Comparing different loan options becomes easier with an EMI calculator as one can view and evaluate various loan options in terms of interest rate and tenure.


An EMI calculator can be used to find loans of various types, including home, personal, car, and education loans, making it a convenient and versatile tool. 


It also gives users a visual representation of the repayment schedule, the total interest payable, and the principal amount, which helps people understand the loan repayment process and make better financial decisions.

Ways of Using an EMI Calculator

To get started with using the EMI calculator, first, enter the loan amount you wish to borrow. 

After entering the loan amount, enter the interest rate the lender offers. 

The loan tenure is the next step: the number of months for which you will be paying the EMIs.

When all the information is entered, click on calculate to get the EMI amount you must pay every month.

Optionally, you can change the loan amount, interest rate, or tenure and recalculate the EMI.

After completing the above steps, the EMI calculator will display the EMI amount, total interest payable, and the total amount you must pay back to the lender over the loan tenure.

The EMI Calculator is invaluable for managing your finances and budgeting wisely. With a few easy steps, you can calculate the monthly installment payments for your loan and gain greater clarity of your financial commitments. Utilizing the EMI calculator helps ensure you make informed financial decisions and better manage your loan repayment.

Things to keep in mind before using EMI:

A housing loan EMI calculator can give you detailed information about your home loan so you can plan. 

All you have to do is feed in the amount you wish to borrow, the interest rate and the loan tenure.

It will calculate the total EMI, monthly installments and break-up of principal and interest.

An amortization schedule can also be accessed, showing how your EMI is divided between principal and interest over a half-yearly or yearly basis. 

You can get an entire payment schedule instantly and easily with just one click.

How to start with EMI?

If you are new to the concept of EMI (Equated Monthly Instalment), here are some steps to get started:

Understand the Concept: 

Each month, borrowers must pay the lender what is called an Equated Monthly Installment (EMI). The total amount due is the sum of the principal and interest to date. Before you can start employing the EMI concept, you must fully understand it.

Find Out How Much of a Loan You Need:

Set a goal for how much money you'll need from the loan. It all depends on whether the loan is being used to purchase a house, automobile, fund further education, etc.

Check the Interest Rate: 

Interest is deducted from the borrowed funds by the lending institution. Before taking a loan, it is essential to compare interest rates offered by different lenders and choose the one that suits your financial needs.

Determine the Loan Tenure: 

The loan tenure is the period for which you will be paying the EMIs. Depending on the loan type and amount, it can range from a few months to several years. Longer tenures result in lower EMIs, but the total interest payable may be higher.

Use an EMI Calculator: 

An EMI calculator is a useful tool that helps you calculate the monthly installment payments for your loan. Enter the loan amount, interest rate, and loan tenure in the EMI calculator to get the EMI amount.

Make a Financial Strategy: 

Make budgetary preparations based on the EMI amount. Make sure you can make the monthly EMI payments without falling behind. Create a budget, and make adjustments to your expenses, if required.

Following these steps, you can start with EMI and manage your finances better. Choosing a loan that suits your financial needs and paying the EMIs on time is essential to avoid any penalties or defaults.

Which is better? Pre-EMI or full EMI

The differences between loan disbursal, repayment, and interest rate depend on your option - Full or Pre EMI. 

If you opt for Full EMI, the entire loan amount is disbursed, and you must immediately pay the full EMI amount. On the other hand, in the case of Pre EMI, the loan amount is disbursed partially, and the EMI amount is lower at the beginning. 

Additionally, the interest rate is calculated differently based on the choice - for Full EMI, it is calculated by the entire principal amount, while in the case of Pre EMI, it is calculated by the disbursed loan amounts. Your EMI amount will be on your screen in just a few seconds.

It's all your decision to choose the type of EMI.


Equated Monthly Instalment (EMI) is a fixed amount of money paid every month by a borrower to a lender to repay a loan over a fixed period. An EMI calculator is an online tool that helps borrowers calculate their monthly installments for a loan based on the loan amount, interest rate, and loan tenure. The EMI calculator formula is EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P is the principal amount of the loan, R is the rate of interest per month, and N is the loan tenure in months. EMI calculators help borrowers in financial planning, facilitating easy comparison, saving time and effort, making informed decisions, and enabling better negotiation. The use of an EMI calculator offers accuracy, time-saving, comparison, and ease of use.


1. Can I use an EMI calculator for any loan type?

Ans: Yes, an EMI calculator can be used for any loans

2. Is the EMI calculator accurate?

Ans: EMI calculators use mathematical formulas to calculate, which is accurate to every extent.

3. Is there any specific calculator for EMI?

Ans: It is advisable to use an EMI calculator specifically designed for the type of loan you are considering.

4. What do I type in an EMI calculator?

Ans: You must type the loan amount, interest rate, and loan tenure. Once these details have been entered, the calculator will display the estimated EMI amount.

5. Is it possible to type the EMI amount of time using the calculator?

Ans: No, you cannot change the EMI amount while using the calculator.