EMI Calculator
Calculate your Equated Monthly Installment with ease
Monthly EMI
Your monthly payment
Total Interest
Total Payment
EMI Calculator – Free Loan EMI Calculator Online
Our EMI Calculator is a free online tool that helps you calculate your monthly loan installment (EMI), total interest payable, and the total repayment amount. Whether you are applying for a home loan, car loan, personal loan, or business loan, this calculator gives you quick and accurate results.
What is EMI?
EMI stands for Equated Monthly Installment. It is the fixed amount a borrower pays to the lender every month until the loan is repaid in full. Each EMI includes a part of the principal loan amount and the interest charged.
Formula for EMI Calculation
EMI = [P × R × (1+R)^N] / [(1+R)^N – 1]
Where:
P = Loan Amount (Principal)
R = Monthly Interest Rate (Annual Rate ÷ 12 ÷ 100)
N = Loan Tenure in Months
How to Use the EMI Calculator?
- Enter the Loan Amount you want to borrow.
- Enter the Rate of Interest (annual percentage).
- Enter the Loan Tenure in months or years.
- Click on Calculate to see EMI, total interest, and total repayment.
Example Calculation
Suppose you borrow ₹10,00,000 at 8% annual interest for 10 years:
- Principal = ₹10,00,000
- Rate = 8% (0.0067 monthly)
- Tenure = 120 months
- Monthly EMI ≈ ₹12,133
- Total Repayment ≈ ₹14,55,960
- Total Interest ≈ ₹4,55,960
Benefits of Using EMI Calculator
- ✅ Saves time by providing instant results
- ✅ Helps in financial planning
- ✅ Accurate EMI, interest, and repayment values
- ✅ Useful for all loan types (home, car, personal, business)
- ✅ Free and easy to use without registration
Real-Life Applications
- ✔️ Calculating EMIs for home loans
- ✔️ Planning car loan repayment
- ✔️ Estimating personal loan installments
- ✔️ Business loan repayment planning
- ✔️ Comparing loan offers from different banks
Frequently Asked Questions (FAQs)
1. What is an EMI?
EMI (Equated Monthly Installment) is the monthly payment made towards loan repayment, including both principal and interest.
2. Is EMI the same throughout the loan tenure?
Yes, EMI usually remains fixed, but the proportion of principal and interest changes with time.
3. Can I calculate EMI for any type of loan?
Yes, you can calculate EMIs for personal, home, car, education, or business loans.
4. Does this EMI Calculator show exact bank EMI?
It gives close estimates. Banks may add processing fees or slight variations.
5. Is this EMI Calculator free?
Yes, it is 100% free and accessible online without signup.
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Conclusion
The EMI Calculator is an essential tool for anyone planning to borrow money. It helps you estimate your monthly obligations and manage your budget effectively. Use it before applying for any loan to make better financial decisions.