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Equated Monthly Installment (EMI) is the fixed amount you pay every month toward repaying your loan. Our EMI calculator helps you understand your monthly payment obligations for various types of loans including home loans, car loans, personal loans, and business loans. By calculating EMI in advance, you can plan your finances better and avoid payment shocks.
Simply enter the loan amount you wish to borrow, the annual interest rate offered by your lender, and the loan tenure in years or months. The calculator instantly computes your monthly EMI, total interest payable, and the complete repayment schedule breakdown.
Your monthly EMI consists of two parts: principal repayment and interest payment. In the early months, a larger portion goes toward interest, while toward the end, more goes toward principal. This is why paying extra toward principal can significantly reduce your total interest cost.
Keep your EMI below 30-40% of your monthly income for financial comfort. Consider prepayments when possible, opt for shorter tenures to reduce interest, and maintain an emergency fund for 3-6 months of EMIs. Regular income stability is crucial for timely EMI payments.
EMI depends on loan amount, interest rate, and tenure. Higher loan amounts and rates increase EMI, while longer tenures decrease monthly EMI but increase total interest.
Some lenders allow EMI restructuring or moratorium periods, but this may involve additional charges. Always check terms before signing.
Make prepayments, choose shorter tenures, improve credit score for better rates, or refinance at lower interest rates.