Loan EMI Calculator

Calculate your monthly EMI, see loan breakup with chart, and download amortization schedule.

Loan EMI Calculator

Calculate your monthly EMI, view the amortization schedule, and understand the complete breakdown of principal vs. interest.

What is EMI and How Does It Work?

EMI stands for Equated Monthly Installment. When you take a loan (home loan, car loan, personal loan, or education loan), you repay it in monthly installments. Each EMI consists of two parts: Principal (the original amount borrowed) and Interest (the cost of borrowing).

The EMI remains fixed every month (unless you take a floating interest loan). In the initial months, a larger portion of your EMI goes toward interest, while later installments cover more of the principal. This is called the amortization process.

Formula for EMI Calculation

The standard mathematical formula for EMI is:

    EMI = [P × r × (1+r)^N] / [(1+r)^N – 1]
  

• P = Principal Loan Amount
• r = Monthly Interest Rate (Annual Rate ÷ 12 ÷ 100)
• N = Number of Monthly Installments (Tenure in Years × 12)

Why Use an Online EMI Calculator?

Manual EMI calculation can be time-consuming and prone to mistakes. Our free EMI calculator helps you:

• Get instant EMI results within seconds.
• See total loan interest vs. principal in a clear pie chart.
• View a complete amortization schedule (month-by-month breakdown).
• Download results as Excel or PDF for future planning.
• Compare multiple loan options before making a decision.

Types of Loans You Can Calculate

You can use this EMI calculator for different types of loans:

1. Home Loan EMI: Long-term loans (10–30 years) with relatively lower interest rates.
2. Car Loan EMI: Medium-term loans (3–7 years) with moderate interest.
3. Personal Loan EMI: Short-term unsecured loans (1–5 years) with higher interest.
4. Education Loan EMI: Student loans with flexible repayment after course completion.

Factors That Affect EMI

• Loan Amount: Higher loan amount = higher EMI.
• Interest Rate: Higher interest rate = more EMI burden.
• Loan Tenure: Longer tenure reduces monthly EMI but increases total interest paid.
• Type of Interest: Fixed vs. floating rates change EMI structure.

Tips to Reduce Your EMI Burden

• Choose a longer tenure (but be mindful of higher interest overall).
• Make part-prepayments whenever possible to reduce the balance.
• Refinance your loan if you find a lower interest rate.
• Improve your credit score to get better loan deals.

Amortization Example

Suppose you take a loan of ₹10,00,000 at 10% interest for 10 years. Your EMI will be ₹13,215. Over the tenure:

• Total Payment = ₹15,85,800
• Total Interest = ₹5,85,800
• Principal = ₹10,00,000

The pie chart shows how much you pay in interest vs. principal. Initially, you pay more towards interest, but as years pass, your principal repayment accelerates.

Frequently Asked Questions (FAQs)

1. How accurate is this EMI calculator?

Our EMI calculator uses the standard EMI formula, making it 100% accurate for fixed-rate loans. For floating-rate loans, EMI may change when the bank revises the rate.

2. Can I use this for both India and Pakistan?

Yes! The EMI calculator works universally. You can enter values in ₹ (INR) or PKR. The calculation logic remains the same.

3. Is EMI the same every month?

Yes, for fixed interest loans. However, in the background, the share of principal and interest keeps changing every month.

4. What happens if I prepay my loan?

If you make part-prepayments, your outstanding balance reduces, which lowers your interest burden. You can either reduce EMI or tenure based on lender policy.

5. Can I download my amortization schedule?

Yes, you can download it in Excel or PDF format directly from this calculator.

6. Which loan has the lowest EMI?

Typically, home loans have the lowest EMI per lakh due to long tenure and lower interest rates compared to car loans or personal loans.

7. Does credit score affect EMI?

Yes. A higher credit score helps you get loans at a lower interest rate, which directly reduces your EMI.

8. Can this EMI calculator replace a financial advisor?

No, it’s a tool for estimation and planning. For large financial commitments, always consult your bank or a certified financial advisor.

9. How does floating interest affect EMI?

In floating-rate loans, your EMI may remain the same but tenure increases when rates go up. Some banks adjust EMI instead of tenure.

10. Is this EMI calculator free?

Yes! Our EMI calculator is 100% free to use, with no hidden charges.