An EMI Calculator is an online tool that instantly shows the monthly payment (EMI) you must pay for a loan based on your loan amount, interest rate, and tenure. It helps you estimate the total borrowing cost and plan repayments before applying for a loan.

EMI Formula

The standard mathematical formula used to calculate EMI is:

• P – Loan amount (Principal)
• R – Monthly interest rate (Annual Rate ÷ 12 ÷ 100)
• N – Loan tenure in months

How to Use This EMI Calculator

• Enter the loan amount you want to borrow.
• Select the interest rate offered by the lender.
• Choose the repayment tenure.
• The calculator instantly displays your EMI, total interest, and total repayment.

Why Use an EMI Calculator?

• Shows the exact EMI instantly without manual calculations.
• Helps compare multiple loan plans easily.
• Eliminates errors in interest and EMI calculation.
• Ensures your EMI fits your income and budget.

Factors That Affect Your EMI

• Loan Amount: Higher amount results in a higher EMI.
• Interest Rate: Even a small increase changes the EMI significantly.
• Tenure: Longer tenure reduces EMI but increases total interest payable.
• Loan Type: Secured and unsecured loans have different interest structures.

Types of EMI Calculators

• Personal Loan EMI Calculator
• Home Loan EMI Calculator
• Car Loan EMI Calculator
• Education Loan EMI Calculator
• Loan Against Property EMI Calculator

What Happens If You Miss EMIs?

• Late payment penalties are applied.
• Your credit score may drop.
• Total interest payable increases.
• For secured loans, the lender may initiate recovery actions.