🏦 EMI Calculator

Calculate your Equated Monthly Installment for loans

Loan Amount (₹)

Enter the principal loan amount

Interest Rate: 8.5% per annum

Loan Tenure: 20 years (240 months)

Your Monthly EMI

₹17,356

Per Month

Loan Breakdown

Principal Amount₹20,00,000

Total Interest₹21,65,440

Total Amount Payable₹41,65,440

Interest to Principal Ratio108.3%

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 so that over a specified number of years, the loan is paid off in full.

Types of Loans

• Home Loan - Finance your dream home with competitive interest rates starting from 8.5%
• Car Loan - Drive your dream car with flexible loan options and quick approval
• Personal Loan - Meet your personal needs with unsecured loans up to ₹40 lakhs
• Education Loan - Fund higher education in India or abroad with special rates

EMI Formula

EMI is calculated using the following formula:

EMI = [P × R × (1+R)^N] / [(1+R)^N - 1]

Where:

• P = Principal loan amount
• R = Monthly interest rate (Annual rate / 12 / 100)
• N = Loan tenure in months

Tips to Reduce EMI

• Higher Down Payment - A larger down payment reduces your loan amount and EMI
• Compare Interest Rates - Shop around for the best interest rates before finalizing
• Longer Tenure - Extending loan tenure reduces EMI but increases total interest
• Good Credit Score - Maintain a good CIBIL score to get lower interest rates