EMI Calculator

Equated Monthly Installment (EMI) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMIs are used to pay off both interest and principal each month, so that over a specified number of years, the loan is fully paid off along with interest.

How EMI is Calculated:

The formula to calculate EMI is:

EMI = [P × R × (1+R)^N] / [(1+R)^N-1]
Where,
P = Principal loan amount
R = Monthly interest rate (annual rate divided by 12)
N = Loan tenure in months

Factors Affecting EMI:

• Loan Amount: Higher the loan amount, higher the EMI
• Interest Rate: Higher interest rates increase your EMI
• Loan Tenure: Longer tenures reduce EMI but increase total interest

Types of Loans You Can Calculate:

• Home Loans
• Car Loans
• Personal Loans
• Education Loans
• Business Loans

Note: This calculator provides estimates only. Actual loan terms may vary based on the lender's policies and your credit profile.