EMI Calculator
Quickly calculate your loan EMI, total interest, and total payment using our simple and responsive calculator.
What is EMI?
EMI stands for Equated Monthly Installment. It is the monthly payment made by a borrower to a lender on a fixed date every month. EMI includes both principal and interest components.
How is EMI calculated?
EMI = [P × r × (1 + r)n] / [(1 + r)n – 1]
- P: Principal loan amount
- r: Monthly interest rate
- n: Number of months
Why use an EMI calculator?
- To plan your loan and monthly finances better
- To compare different loan options
- To understand total interest and repayment clearly
Frequently Asked Questions
Can I prepay my loan?
Yes, most banks allow loan prepayment. It may reduce your interest burden. Check your loan agreement for prepayment charges.
Is EMI same every month?
Yes, EMI remains the same throughout the tenure if the loan has a fixed interest rate.
Types of Loans Covered
- Home Loan
- Car Loan
- Personal Loan
- Education Loan
- Business Loan
Smart Loan Tips
- Compare interest rates from different lenders before choosing.
- Use our EMI calculator to assess affordability.
- Maintain a good credit score for better loan deals.
- Always read the terms and conditions carefully.
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