EMI Calculator
Calculate your Equated Monthly Installment (EMI) for home, car, or personal loans.
Tip: Planning your EMI in advance helps you manage your monthly budget effectively and choose the right loan tenure.
What is EMI?
EMI stands for Equated Monthly Installment. It is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMIs are applied to both interest and principal each month, so that over a specified number of years, the loan is paid off in full.
How is EMI Calculated?
The mathematical formula for calculating EMI is:
EMI = [P x R x (1+R)^N] / [(1+R)^N - 1]
- P: Principal loan amount
- R: Monthly interest rate (Annual rate / 12 / 100)
- N: Number of monthly installments (Tenure)