EMI Calculator
Calculate your monthly loan payments and plan your finances better.
Calculate monthly EMI for your loan
Understanding Your EMI
Equated Monthly Installment (EMI) is essentially a part of your loan amount and part of your interest, paid together monthly to the lender. Using an EMI calculator helps you plan your financial outlay so you know exactly how much money needs to be set aside each month.
Factors Affecting EMI
- Loan Principal: The higher the loan amount, the higher the EMI.
- Interest Rate: Higher interest rates directly increase your monthly outgo.
- Tenure: Longer tenure reduces EMIs but increases the total interest burden over the life of the loan.
Need a Home Loan?
We partner with top banks to get you the lowest interest rates on your home loan. Check your eligibility today.
Check EligibilityEMI FAQs
Common questions about Loan EMIs
EMI stands for Equated Monthly Installment. It is a fixed amount of money that a borrower pays to a lender at a specified date each calendar month. EMIs are used to pay off both interest and principal each month like other installment loans.
EMI calculation is based on three main factors: the loan amount (Principal), the interest rate calculated monthly, and the loan tenure in months. The formula ensures your loan is fully paid off by the end of the tenure.
In a fixed-rate loan, the EMI usually remains constant. In a floating-rate loan, the EMI may change if the interest rate fluctuates, or the tenure might be adjusted instead.
Prepaying part of your loan reduces the outstanding principal. This usually results in either a reduced EMI or a reduced loan tenure, saving you significant interest costs over time.
Longer tenures reduce "monthly" EMI but increase the "total" interest paid. Shorter tenures have higher monthly EMIs but save on total interest cost. Choose a balance that fits your monthly budget.