EMI Calculator

Calculate Your Yearly & Monthly Installment amount for a Car Loan, Personal Loan, or Home Loan in India.

Your Loan Amount




Rate of Interest (P.A)




Loan Duration







Principal Amount


Total Interest


Total Amount


Principal Amount


Loans are very easily available these days. That makes it all the more crucial to consider the affordability of your Equated Monthly Installments (EMIs) before applying for one. The best way to check the sum you will have to repay each month is to use our EMI calculator.

About the EMI calculator

The EMI calculator above is a tool that can help you determine the fixed loan repayment amount that you owe each month for a given tenure. It can be used to calculate the installment amount for all types of loans—home loans, car loans, or personal loans.

The EMI amount consists of two components: the principal amount borrowed and the interest charged on the loan. The EMI calculator takes both of them into account, along with the loan tenure, to calculate the monthly installment.

Formula to calculate loan EMI amount

The easiest way to calculate your loan EMI is, of course, to use our calculator. But if you really want to know how to do the math yourself, the formula is as follows:


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



P is the principal loan amount

N is tenure in months, and

R is the prevailing interest rate.


While the formula above might be easy to follow for some people. Here’s a breakdown of the formula for those who might find it confusing. To calculate the EMI, the total sum of the principal and interest is divided by the loan tenure in months. While the EMI remains the same each month, the proportion of principal and interest changes over time. Initially, a larger portion goes toward interest, but with each payment, more of it is directed to repaying the principal amount.

Types of EMI calculators

There are different types of EMI calculators available. Each of them caters to a specific loan scenario. Let’s take a moment to look at the various types.


  • Home loan EMI calculator

Home loans typically include a substantial loan principal and a long term. Therefore, it requires strategic planning. This type of calculator gives you an estimate of the monthly installment you must set aside toward these loans. It does this taking into account the loan amount, interest rate, and loan term.

  • Car loan EMI calculator

A car loan EMI calculator helps determine the EMI for a car loan. It allows a buyer to estimate the monthly repayment amount they would need to set aside to clear their car loan. This type of calculator also takes into account the loan amount, interest rate, and loan tenure.

  • Personal loan EMI calculator

A personal loan is an unsecured loan—meaning it doesn’t require collateral. But the interest rates are generally higher, and the loan duration is shorter. With the help of a personal loan EMI calculator, you can determine your repayment capacity. Doing so will help you find a loan amount that you can comfortably pay back. In terms of its working, this calculator is similar to most other EMI calculators.

  • Education loan EMI calculator

This calculator is for students looking to pursue an education through loans. It helps them plan their loan repayments. Like the other EMI calculators, this calculator helps users determine the monthly amount they need to set aside for timely repayment.

Repayment for education loans typically begins after a moratorium period. This is usually six months after course completion or after the student secures employment—whichever comes first. Education loan EMI calculators help you take this into account.


  • Loan against property EMI calculator 

A loan against property is a type of loan given against the collateral of property. A loan-against-property EMI calculator helps determine the EMI for such a loan loan. It takes the usual factors into account.

Important factors that can affect due amount

EMI loan amounts depend on several factors. Let’s look at some of them.


  • Term of the loan

The loan term plays a crucial role in determining the EMI amount. Even a slight change in the term can have a significant impact on the EMI. For example, opting for a longer tenure reduces the EMI amount but increases the overall interest burden, making the loan more expensive. Conversely, a shorter tenure increases the EMI but reduces the total borrowing cost.

  • Rate of interest

The rate of interest directly affects the amount due. It is the charges for the loan amount and us a percentage of the borrowed sum—the principal amount due. A higher interest rate will result in a higher amount due in total; the opposite is true of a lower interest rate. 

  • Loan amount

The loan amount naturally directly affects repayment in more ways than one. This is because, interest is calculated on the basis of the loan amount at the applicable interest rate. So as the loan amount increases, the interest amount also increases.

How can an online EMI calculator help you?

An online EMI calculator is a valuable tool for investors. It makes assessing loan affordability and budget management so much easier. And our calculator, in particular, is extremely precise and fast. So you won’t need to recheck the math ever again.


Overall, by offering rapid and precise estimates, an online EMI calculator makes the loan planning process simpler for investors. It thus aids in making wise investment decisions and promotes better financial planning.


1.How do I calculate monthly interest on a loan online?

To calculate monthly interest on a loan online, simply use our calculator above.

2.What sort of loans can I use the EMI calculator for?

The EMI calculator can be used for various types of loans—from home loans to education loans.

3.How does the debt-to-income ratio affect my chances of availing a loan?

The Debt-To-Income (DTI) ratio is a crucial factor that lenders look at while assessing loan applications. Lenders might provide you with a smaller loan amount at a higher interest rate if your DTI ratio is high.

4.What does an EMI consist of?

An EMI consists of two main components: principal repayment and interest payment. That means each month, a portion of the EMI goes towards repaying the principal amount borrowed, while the rest covers the interest charged.

5.What happens if I fail to pay my EMIs?

If you fail to pay your EMIs, the consequences could range from the lender charging penalties or reporting it to credit bureaus. It can even land you in legal trouble, which may lead to asset seizure or damage to your credit score.

6.How to use an online EMI calculator?

To use an online EMI calculator, enter the loan amount, interest rate, and loan tenure. The click “Calculate” to see the EMI, along with additional details such as total interest payable.

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