Free EMI Calculator - Calculate Loan EMI Online | Unit Converters
Monthly EMI
₹8,678
Total Interest
₹10,82,776
Total Amount
₹20,82,776
Share This Calculator
How EMI Calculator Works
Enter Loan Details
Input loan amount, interest rate, and tenure in years
Calculate EMI
Get instant monthly installment calculation
EMI Formula Explained
The EMI calculation uses this formula:
P = Principal loan amount
r = Monthly interest rate (annual rate ÷ 12)
n = Total number of monthly installments
Common EMI Examples
Home Loan
₹50,00,000 at 8.5% for 20 years
EMI: ₹43,391
Car Loan
₹8,00,000 at 9.5% for 5 years
EMI: ₹16,899
Personal Loan
₹3,00,000 at 12% for 3 years
EMI: ₹9,978
EMI Calculation Table
| Loan Amount | Interest Rate | Tenure | Monthly EMI | Total Interest |
|---|---|---|---|---|
| ₹10,00,000 | 8.5% | 15 years | ₹9,847 | ₹7,72,460 |
| ₹10,00,000 | 8.5% | 20 years | ₹8,678 | ₹10,82,720 |
| ₹10,00,000 | 9.0% | 20 years | ₹8,997 | ₹11,59,280 |
| ₹15,00,000 | 8.5% | 25 years | ₹11,785 | ₹20,35,500 |
Frequently Asked Questions
What is EMI and how does it work?
EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender at a specified date each month. It includes both principal and interest components. The EMI amount remains constant throughout the loan tenure, but the proportion of principal and interest changes over time.
How is EMI calculated using the formula?
EMI is calculated using the formula: 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 total number of monthly installments. This formula ensures equal monthly payments throughout the loan period.
What factors affect my EMI amount?
Three main factors affect your EMI: loan amount (higher amount increases EMI), interest rate (higher rate increases EMI), and loan tenure (longer tenure decreases EMI but increases total interest). Your credit score, income, and loan type also influence the interest rate offered by lenders.
Can I reduce my EMI amount?
Yes, you can reduce EMI by extending the loan tenure, making a larger down payment, or negotiating a lower interest rate. You can also make prepayments to reduce the principal amount. However, longer tenure means paying more total interest over the loan period.
What is the difference between fixed and floating EMI?
Fixed EMI remains constant throughout the loan tenure regardless of market interest rate changes. Floating EMI changes with market interest rates - it decreases when rates fall and increases when rates rise. Fixed rates offer predictability, while floating rates can be beneficial in a declining interest rate environment.