Loan EMI Calculator

EMI means Equated Monthly Installment — a fixed repayment amount paid to the lender every month until the loan is fully repaid, covering both principal and interest.

EMI = [P × r × (1+r)ⁿ] / [(1+r)ⁿ – 1]
Where P = principal amount, r = monthly interest rate, n = total number of monthly installments.

This calculator supports EMI calculations for all loan types—personal, vehicle, education, business, gold, mortgage, home, and more. Simply enter any loan amount, rate, and tenure to estimate your EMI.

EMI depends on the loan amount, interest rate, tenure, and reducing/flat interest calculation method. Higher amounts, higher rates, or shorter tenure mean higher EMIs.

Flat rate charges interest on the whole loan for the tenure; reducing balance charges interest only on the outstanding principal, leading to lower total interest for reducing balance loans.

Many lenders allow partial prepayment or full pre-closure before tenure ends. Some may charge fees. Prepayment can reduce your interest outgo and EMI burden.

Missing an EMI usually results in late payment charges and may negatively affect your credit score. Timely repayment is crucial.

For fixed-rate loans, the EMI remains unchanged. For floating-rate loans, EMI may change if the lending rate changes. Check your loan agreement for details.

Lenders assess eligibility based on income, credit score, employment, existing loans, and age. Use the EMI to plan repayments as per your monthly budget.