Loan Calculator


EMI Calculator for Home Loan, Car Loan & Personal Loan

EMI Full-Form – Equated Monthly Installment – is the cost payable every month to the bank or

EMI Loan Calculator for Home Loan, Car Loan & Personal Loan any other financial organization until the loan amount is fully cleared. It consists of the interest on the loan as well as part of the principal to be repaid. The total of principal amount and interest is divided by the term of the loan, i.e., the number of months, in which the loan has to be returned. This EMI has to be given monthly. The interest part of the EMI would be higher during the beginning months and slowly reduce with every payment. The specific percentage allotted towards the payment of the principal depends on the interest rate. Even though your monthly EMI amount won’t change, the proportion of principal and interest parts will change with time. With each progressive payment, you’ll pay more towards the principal and less in interest.

What is EMI?

EMI Formula - What is EMI?


r is rate of interest calculated on monthly basis. (i.e., r = Rate of Annual interest/12/100. If rate of interest is 10.5% per annum, then r = 10.5/12/100=0.00875)

n is loan term / tenure / duration in number of months


For example, if you borrow ₹10,00,000 from the bank at 10.5% annual interest for a period of 10 years (i.e., 120 months), then EMI = ₹10,00,000 * 0.00875 * (1 + 0.00875)120 / ((1 + 0.00875)120 – 1) = ₹13,493. i.e., you will have to pay ₹13,493 for 120 months to repay the entire loan amount. The total amount payable will be ₹13,493 * 120 = ₹16,19,220 that includes ₹6,19,220 as interest toward the loan.

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How to Use EMI Calculator?

With colorful graphs and immediate results, our EMI Calculator is simple to use, easy to understand, and is quick to work. You can calculate EMI for a home loan, car loan, personal loan, education loan, or any other fully amortizing loan using this calculator.

Enter the following information in the EMI Calculator:

  • The principal loan amount you wish to avail (rupees)
  • Loan term (months or years)
  • Rate of interest (percentage)
  • EMI in advance OR EMI in arrears (for car loan only)


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