EMI Calculator
Calculate your loan EMI, total interest and total payment for home loan, car loan, or personal loan.
* All calculations are approximate.
How EMI Works?
Calculate your loan EMI, total interest and total payment for home loan, car loan, or personal loan.
EMI is a fixed monthly payment that includes both principal repayment and interest charges.
In the early months, a larger portion of your EMI goes toward interest payment.
As you keep paying, the principal component gradually increases while interest decreases.
The total EMI amount remains the same throughout the loan tenure.
Formula Used
EMI = P × r × (1+r)^n / ((1+r)^n – 1)
Where P = Principal, r = Monthly interest rate, n = Number of monthly installments
Important — Read Before You Decide
- Banks may charge hidden processing fees (0.5%–2% of loan amount)
- Floating interest rate may increase your EMI significantly later
- Check foreclosure and prepayment penalty charges before signing
- Insurance may be bundled secretly — you can opt out
- Longer tenure means much higher total interest cost
- Missing even one EMI affects your CIBIL credit score
- Always compare offers from at least 3 different lenders
- Read the fine print — some banks charge for statement copies
What Happens If You Ignore These?
- Higher debt burden that can strain your monthly budget
- Unexpected hidden charges adding lakhs to total cost
- Poor credit score making future loans expensive or impossible
- Future loan or credit card rejection
- Overpayment by lakhs over the loan tenure
- Legal action and asset seizure for persistent defaults
Smart Tips
- Keep your EMI under 35% of your monthly salary
- Build a 6-month emergency fund before taking a loan
- Check APR (Annual Percentage Rate), not just the advertised interest rate
- Compare multiple lenders — even 0.25% difference saves lakhs
- Consider making annual prepayments to reduce total interest
- Choose the shortest tenure you can comfortably afford
Frequently Asked Questions
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