EMI Calculator
Calculate monthly EMI, total interest and total payment for any loan.
Frequently Asked Questions
How is EMI calculated?+
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of months. This tool applies the formula automatically.
What does EMI stand for?+
EMI stands for Equated Monthly Instalment — a fixed payment you make each month to repay a loan, covering both interest and a portion of the principal until the loan is fully paid off.
How can I reduce my EMI?+
You can lower your EMI by choosing a longer tenure, negotiating a lower interest rate, or making a larger down payment to reduce the principal. A longer tenure lowers the EMI but increases total interest paid.
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