Loan EMI Calculator: Monthly Payments
Calculate EMI, total interest payable, and loan repayment schedule for personal, car, or home loans.
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Loan EMI Calculator: Monthly Payments An EMI calculator turns three loan parameters into your monthly payment. A ₹10 lakh personal loan at 14% for 5 years costs ₹23,268 per month — ₹13,96,080 total, of which ₹3,96,080 is pure interest. Knowing this before you sign changes whether you borrow at all. --- See our Complete Guide to Financial Calculators What Is EMI and How Is It Calculated? EMI (Equated Monthly Installment) is the fixed monthly amount you pay to a lender until the loan is fully repaid. The term "equated" means each payment is the same amount — though the split between principal and interest shifts over time. The standard EMI formula used by every bank: Where: P = Principal (loan amount) r = Monthly interest rate = Annual rate ÷ 12 ÷ 100 n = Tenure in months Worked example:…
Frequently Asked Questions
What is EMI?
EMI (Equated Monthly Installment) is a fixed monthly payment made to a lender to repay a loan over a defined period. Each EMI contains two components: principal repayment and interest. The total EMI stays constant throughout the loan tenure for fixed-rate loans.
How do I calculate loan EMI?
The EMI formula is: EMI = P × [r × (1+r)^n] / [(1+r)^n - 1], where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the loan tenure in months. For a ₹5 lakh personal loan at 12% for 3 years, EMI = ₹16,607.
What factors affect EMI?
Three factors determine EMI: loan amount (higher principal = higher EMI), interest rate (higher rate = higher EMI), and tenure (longer tenure = lower EMI but higher total interest). Your CIBIL score also indirectly affects EMI by influencing the interest rate you qualify for.
What is a loan amortization schedule?
A loan amortization schedule is a table listing every EMI payment, showing the split between principal and interest, and the outstanding loan balance after each payment. In the early months, interest dominates; in later months, principal repayment accelerates.
Can I reduce my EMI?
Yes — three ways: negotiate a lower interest rate (requires good CIBIL score), increase the loan tenure (lowers EMI but increases total interest), or make a partial prepayment to reduce the outstanding principal. Refinancing to a lower-rate lender mid-loan is another effective strategy.
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