EMI Calculator
Calculate your monthly loan EMI and total interest instantly
What is EMI?
EMI (Equated Monthly Instalment) is the fixed monthly payment you make to repay a loan. It includes both a principal component and an interest component. The formula is:
EMI = P × r × (1+r)^n / ((1+r)^n − 1)
Where P = Principal, r = Monthly interest rate, n = Number of months.
FAQ
Yes. Making part-prepayments reduces your outstanding principal, which reduces either your EMI amount or your remaining tenure depending on your lender's policy. Reducing tenure saves more interest overall.
Most financial advisors recommend keeping your total EMI payments below 40% of your monthly take-home income. Above 50% significantly strains your cash flow.
Even a 0.5% difference in interest rate significantly impacts your EMI and total interest over a long tenure. For a ₹50 lakh 20-year loan, going from 8% to 8.5% adds roughly ₹1,600/month and ₹3.8 lakh in total interest.
