Calculate your loan EMI instantly using our free EMI Calculator. Enter loan amount, interest rate and tenure to get accurate monthly EMI results online.
EMI Calculator
What is EMI?
EMI (Equated Monthly Installment) is the fixed amount that a borrower pays to a lender every month to repay a loan. The EMI amount includes both the principal amount and the interest charged by the bank or financial institution.
When you take a home loan, car loan, or personal loan, you don’t pay the full amount at once. Instead, the total loan amount is divided into monthly payments over a fixed tenure. These fixed monthly payments are called EMIs.
Using an EMI calculator helps you understand how much money you need to pay every month before applying for a loan.
EMI Formula
The standard EMI formula used by banks is:
EMI = P × R × (1 + R)^N / ((1 + R)^N – 1)
Where:
- P = Loan Amount
- R = Monthly Interest Rate (Annual Rate ÷ 12 ÷ 100)
- N = Loan Tenure in Months
This formula calculates the exact monthly installment amount based on compound interest.
Benefits of Using EMI Calculator
✔ Instant Calculation
✔ Accurate Results
✔ Saves Time
✔ Helps in Loan Planning
✔ Compare Different Loan Options
✔ 100% Free and Easy to Use
Our online EMI calculator allows you to quickly check your monthly payment and plan your finances smartly.
Example Calculation
If you take a loan of ₹1,00,000 at 10% annual interest for 12 months, your EMI will be approximately ₹8,791.59 per month.
This helps you decide whether the loan fits your monthly budget or not.
Why Use Our EMI Calculator?
Secure and safe
Fast calculation
Mobile friendly
No registration required
Completely free