Compare Interest Rates
Even a small difference in the interest rate can have a significant impact on the total interest paid over a long repayment period.
EMI Calculator
Calculate Your Loan EMI and Total Repayment
Calculate your estimated monthly EMI, total interest, and total repayment amount based on your loan amount, interest rate, and repayment tenure.
EMI Cost Calculator
Enter your loan details to calculate your estimated EMI.
EMI Summary
Your estimated loan repayment breakdown.
Monthly EMI
₹8,678
Principal Amount
₹10,00,000
Total Interest
₹10,82,720
Total Repayment
₹20,82,720
Payment Breakdown
Principal
50%
Interest
50%
This is an estimated calculation. Actual EMI and repayment amounts may vary depending on the lender's terms, fees, charges, and applicable interest calculation method.
Amortization Schedule
View your estimated loan repayment schedule year by year.
| Period | EMI | Principal | Interest | Balance |
|---|
What Is EMI?
EMI stands for Equated Monthly Instalment. It is the fixed amount you generally pay every month toward repaying a loan over a specified period.
Each EMI generally contains two components: the principal amount and the interest charged by the lender. At the beginning of a loan, a larger portion of the EMI usually goes toward interest. As the outstanding principal reduces, the interest component generally decreases.
How Does an EMI Calculator Work?
An EMI calculator uses the loan amount, interest rate and loan tenure to estimate your monthly repayment. It can also help you understand the total interest payable and overall repayment amount.
Changing the loan amount, interest rate or tenure can significantly affect your monthly EMI and total borrowing cost. Comparing different combinations can therefore help you evaluate a loan before applying.
Why Calculate EMI Before Taking a Loan?
- Understand your expected monthly repayment.
- Estimate the total interest payable.
- Compare different loan amounts and tenures.
- Plan your monthly budget more effectively.
- Understand how additional payments may affect repayment.
EMI Calculation Formula
The standard EMI calculation uses the loan principal, monthly interest rate and number of monthly instalments.
EMI = P × R × (1 + R)N
/
((1 + R)N − 1)
P represents the principal loan amount, R represents the monthly interest rate, and N represents the total number of monthly instalments.
Smart Loan Planning Tips
Use these practical considerations when comparing loan options and planning repayments.
Choose Your Tenure Carefully
A longer tenure can reduce your monthly EMI but may increase the total interest paid throughout the loan.
Consider Extra Payments
Additional repayments may help reduce your outstanding principal and potentially shorten the repayment period.
Check Your Budget
Make sure the expected monthly EMI fits comfortably within your regular income and expenses.
Review Additional Costs
Consider processing fees, insurance, penalties and other applicable charges when evaluating the overall cost of a loan.
Read Loan Terms
Review the lender's repayment conditions, applicable charges and other terms before accepting a loan.
Frequently Asked Questions
EMI stands for Equated Monthly Instalment. It is the amount paid periodically to repay a loan, generally consisting of both principal and interest.
Generally, a longer loan tenure reduces the monthly EMI because repayment is spread over a larger number of instalments. However, the total interest paid may be higher.
A higher interest rate generally increases the EMI or the total interest payable, depending on the loan structure and repayment terms.
Depending on your lender and loan terms, making additional principal payments or choosing an appropriate repayment tenure may reduce the total interest payable.
The calculator provides an estimate based on the information entered. Actual repayment amounts may differ because lenders can apply different interest methods, fees, charges and repayment terms.
The standard EMI formula can be used to estimate repayments for many reducing-balance loans, including common home, personal, vehicle and other loan products. Always check the specific terms provided by your lender.
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