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Free EMI Calculator - Calculate Loan EMI Online

Calculate your loan EMI (Equated Monthly Installment) instantly. Free online EMI calculator for home loans, car loans, and personal loans with detailed payment breakdown.

EMI Formula

EMI = [P × r × (1 + r)^n] / [(1 + r)^n - 1]

P = Principal loan amount

r = Monthly interest rate (Annual rate / 12 / 100)

n = Total number of monthly payments (Years × 12)

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Free EMI Calculator - Calculate Loan EMI & Payment Schedule

Calculate monthly EMI (Equated Monthly Installment) for home loans, car loans, personal loans, and business loans instantly. Get detailed amortization schedules showing principal vs. interest breakdown, total interest payable, and complete payment timelines. Compare loan options to find the best deal and plan your finances with confidence.

Quick How-To Guide

  1. 1Enter the loan amount (principal) you want to borrow
  2. 2Input the annual interest rate offered by your lender
  3. 3Set the loan tenure (duration) in months or years
  4. 4Click "Calculate EMI" to see your monthly payment amount
  5. 5Review the amortization table to understand how payments are split between principal and interest

Why use our tool?

Instant EMI calculation—get monthly payment amounts in seconds
Detailed amortization schedule—see principal vs. interest for every payment
Visual charts—pie and bar charts showing total interest and principal breakdown
Flexible inputs—calculate for varying loan amounts, interest rates, andtenures
Total cost analysis—see exact total interest payable over the loan period
Comparison tool—compare multiple loan scenarios side-by-side

Frequently Asked Questions

Find answers to common questions about using our tool, its features, and how it handles your data privacy.

EMI is calculated using the formula: EMI = [P × r × (1+r)^n] / [(1+r)^n-1], where P = principal loan amount, r = monthly interest rate (annual rate ÷ 12 ÷ 100), and n = number of monthly installments. For example, a ₹1,000,000 loan at 8.5% annual interest for 20 years (240 months) would be: r = 8.5/12/100 = 0.00708, EMI = [1000000 × 0.00708 × (1.00708)^240] / [(1.00708)^240-1] ≈ ₹8,678. Our calculator does this instantly.
Banks may include additional charges not reflected in pure EMI calculations: processing fees (1-2% of loan amount), insurance (especially for home and car loans), GST on interest (18% in India), prepayment penalties, or hidden administrative charges. The EMI calculated here is the "base" EMI. Always ask your lender for the "All-in APR" or "Effective Interest Rate" which includes all fees.
This depends on your financial situation. Longer tenures (20-30 years) mean lower monthly EMI but you pay MUCH more total interest. For example, a ₹50 lakh loan at 8% for 10 years = ₹60,660/month (total interest: ₹7.79 lakh). Same loan for 20 years = ₹41,822/month (total interest: ₹15.37 lakh)—nearly double! Choose shorter tenure if you can afford it to save on interest. Choose longer if you need lower monthly outflow.
Yes! Making extra principal payments (called prepayment or preclosure) significantly reduces total interest and loan duration. Most banks allow annual prepayments of 20-25% of the outstanding amount. Even small extra payments make a big difference. For example, paying an extra ₹5,000/month on a ₹50 lakh, 20-year loan at 8% can save ₹12+ lakhs in interest and close the loan 7 years early!
Financial advisors recommend keeping total EMI commitments below 40-50% of your monthly take-home income. For example, if your monthly income is ₹1,00,000, your total EMIs (home loan + car loan + personal loan + credit cards) should not exceed ₹40,000-50,000. This leaves enough for living expenses, savings, and emergencies. Banks typically approve loans only if your EMI is ~40-45% of income.
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