EMI Calculator
Monthly EMI for personal, home, or car loans.
What is an EMI?
An 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 paid off in full.
How is EMI Calculated?
The mathematical formula for calculating EMI is:
EMI = P × r × (1 + r)^n / ((1 + r)^n - 1)
Where P is the principal loan amount, r is the monthly interest rate (annual rate divided by 12), and n is the number of monthly installments (loan tenure in months).
Frequently Asked Questions
What inputs do I need for the EMI calculator?
You need three main inputs: the total loan amount (Principal), the annual interest rate, and the loan tenure in either months or years. Our calculator will handle the rest.
Can I use this for home, car, and personal loans?
Yes, this EMI calculator is versatile and can be used for any type of loan that follows a fixed interest rate model, including home loans, car loans, and personal loans.