Our free EMI calculator helps you calculate your monthly loan installment quickly and accurately. EMI stands for Equated Monthly Installment, which is the fixed amount you pay every month towards repaying your loan. This tool is useful for home loans, car loans, personal loans, and business loans.
Understanding your EMI before taking a loan helps you plan your budget better. You can easily adjust the loan amount, interest rate, and loan tenure to see how your monthly payment changes.
EMI is calculated using a standard financial formula that considers the loan amount, annual interest rate, and loan tenure. The formula ensures that you pay equal installments every month until the loan is fully repaid.
The EMI formula is:
EMI = [P × R × (1+R)^N] / [(1+R)^N − 1]
Where:
P = Loan Amount
R = Monthly Interest Rate
N = Number of Monthly Installments
If you take a loan of 500,000 with an annual interest rate of 10% for 5 years, your monthly EMI will be calculated automatically using the formula above. This helps you understand how much you need to pay every month.
What is EMI?
EMI stands for Equated Monthly Installment. It is the fixed monthly payment you make to repay your loan.
Can I use this EMI calculator for home loans?
Yes, this calculator works for home loans, car loans, and personal loans.
Is this EMI calculator free?
Yes, it is completely free and works online without registration.
Does this tool store my data?
No. All calculations are performed in your browser and no data is stored.