Loan EMI Calculator
Calculate EMI for any type of loan
Calculator
Additional payment to reduce principal faster
How to Use
Calculate your loan EMI payment
Enter loan amount
Input the principal amount you want to borrow
Enter interest rate
Input the annual interest rate
Select loan tenure
Choose loan duration in months or years
View EMI details
See monthly EMI, total interest, and payment schedule
EMI Formula
EMI = [P × r × (1+r)^n] / [(1+r)^n - 1]
P = Principal loan amount, r = Monthly interest rate (annual/12), n = Number of monthly installments.
Frequently Asked Questions
EMI (Equated Monthly Installment) is a fixed payment made to a lender each month. EMI = [P × r × (1+r)^n] / [(1+r)^n - 1], where P = principal, r = monthly interest rate, n = number of months. EMI includes both principal and interest.
Longer tenure means lower EMI but more total interest. A $10,000 loan at 10%: 3 years = $323/month ($1,616 interest) vs 5 years = $212/month ($2,748 interest). Choose based on monthly affordability vs total cost preference.
Reducing tenure is usually better as you save more on interest. Example: prepaying $2,000 on a $10,000 loan at 10% saves $800 by reducing tenure vs $400 by reducing EMI. Check for prepayment penalties first.
Keep total EMIs under 40% of net monthly income. Banks typically approve loans if EMI is under 50% of income, but lower is safer. Include all existing EMIs when calculating this ratio.