EMI Calculator Loan EMI & Interest Calculator
Calculate monthly EMI for Home, Car & Personal Loans
Comprehensive loan calculator with complete amortization schedule. View how your loan balance decreases and track principal vs interest payments over time.
EMI Calculator
Total amount you want to borrow
Annual interest rate offered by lender
Understanding EMI
What is EMI?
EMI (Equated Monthly Installment) 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.
Typical Interest Rates in India
- • Home Loan: 8.5% - 10.5% per annum
- • Car Loan: 8.0% - 12.0% per annum
- • Personal Loan: 10.5% - 24.0% per annum
Tips for Better EMI Management
- • Shorter Tenure: Pay less interest but higher monthly EMI
- • Longer Tenure: Lower monthly EMI but more total interest
- • Prepayment: Make prepayments to reduce interest burden
- • Credit Score: Better score gets you lower interest rates
- • Down Payment: Higher down payment reduces loan amount and EMI
Why Use Our Loan Amortization Calculator?
Detailed Amortization
View complete month-wise breakdown of principal and interest payments. Track how your loan balance reduces over time.
Visual Charts
Interactive charts show principal vs interest trends. Understand your payment structure at a glance.
All Loan Types
Home loans, car loans, and personal loans - get accurate EMI and amortization schedules for any loan type.
How to Use the EMI Calculator
Choose Loan Type
Select your loan type - Home Loan, Car Loan, or Personal Loan. Each type has different typical interest rates and terms.
Enter Loan Details
Input the loan amount, annual interest rate, and loan tenure in months. Use quick select buttons for common tenure periods.
View Amortization Schedule
See your monthly EMI, complete amortization schedule with month-wise principal and interest breakdown, and interactive charts showing payment trends.
Frequently Asked Questions
What is EMI?
EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. It consists of both the principal amount and interest.
How is EMI calculated?
EMI is calculated using the formula: EMI = [P × R × (1+R)^N] / [(1+R)^N-1], where P is principal loan amount, R is monthly interest rate, and N is loan tenure in months.
What factors affect my EMI?
Your EMI is affected by three main factors: loan amount (higher amount = higher EMI), interest rate (higher rate = higher EMI), and loan tenure (longer tenure = lower EMI but more total interest).
Can I prepay my loan to reduce EMI?
Yes! Most lenders allow prepayment. You can either reduce your EMI amount while keeping the tenure same, or reduce the tenure while keeping EMI same. Check with your lender for prepayment charges.
What's the ideal EMI to income ratio?
Financial experts recommend that your total EMI payments should not exceed 40-50% of your monthly income. This ensures you maintain a healthy debt-to-income ratio and have enough for other expenses.
What is a loan amortization schedule?
A loan amortization schedule is a detailed table showing each monthly payment broken down into principal and interest components. It helps you see how your loan balance decreases over time and how much of each payment goes toward principal vs interest.
Why does interest payment decrease over time?
Interest is calculated on the outstanding loan balance. As you pay down the principal each month, the remaining balance decreases, so the interest charged on that balance also decreases. This means more of your EMI goes toward principal in later months.
Ready to Calculate Your Loan Amortization?
Get detailed EMI breakdown and month-wise amortization schedule for your loan
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