EMI Calculator (India)
Calculate your Equated Monthly Installment for home loans, personal loans, and car loans.
EMI Calculator (India)
About EMI Calculator
EMI (Equated Monthly Installment) is the fixed amount you pay every month towards your loan. It includes both principal and interest components. The EMI amount depends on the loan amount, interest rate, and tenure.
EMI Formula:
EMI = [P × R × (1+R)^N] / [(1+R)^N-1]Where: P = Principal, R = Monthly Interest Rate, N = Number of months
Types of Interest Rates:
- Fixed Rate: Interest rate remains constant throughout the loan tenure
- Floating Rate: Interest rate varies based on market conditions
- MCLR: Marginal Cost of Funds Based Lending Rate (RBI guideline)
Factors Affecting EMI:
- Loan Amount: Higher amount = Higher EMI
- Interest Rate: Higher rate = Higher EMI
- Tenure: Longer tenure = Lower EMI (but higher total interest)
Important: This calculator provides estimates. Actual EMI may vary based on
bank policies, processing fees, and other charges. Always verify with your lender.
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EMI Tips
- Compare rates from multiple lenders
- Keep EMI under 40% of monthly income
- Consider prepayment to reduce interest
- Check for hidden charges and fees
- Maintain good credit score for better rates