✨ EMI Calculator with Breakdown
Calculate your EMI and visualize interest vs principal
What is EMI?
EMI stands for Equated Monthly Installment. It refers to the fixed monthly payment a borrower makes to a lender to repay a loan over a specified period. Each EMI includes both the principal amount (the actual loan) and the interest on the outstanding loan balance.
Whether you're buying a home, a car, or taking a personal loan, EMI allows you to repay your loan in manageable chunks instead of paying a large sum upfront.
The Basic Formula for calculating Emi is :-
where
E is EMI
P is Principal Loan Amount
r is rate of interest calculated on monthly basis. (i.e., r = Rate of Annual interest/12/100. If rate of interest is 10.5% per annum, then r = 10.5/12/100=0.00875)
n is loan term / tenure / duration in number of months
Example of EMI Calculation
Let’s say:
- Loan Amount (P) = ₹5,00,000
- Annual Interest Rate = 10%
- Tenure = 5 years = 60 months
- Monthly Interest Rate (R) = 10 / 12 / 100 = 0.00833
Now plug into the formula: EMI=500000×0.00833×(1+0.00833)60(1+0.00833)60−1EMI = \frac{500000 \times 0.00833 \times (1+0.00833)^{60}}{(1+0.00833)^{60} - 1}EMI=(1+0.00833)60−1500000×0.00833×(1+0.00833)60
✅ EMI = ₹10,623 per month
🧮 How to Use an EMI Calculator? | Step-by-Step Guide
An EMI Calculator is a simple online tool that helps you estimate your monthly loan repayment (EMI) based on the loan amount, interest rate, and loan tenure. Whether you're planning a home loan, car loan, or personal loan, it helps you plan your finances smartly.
✅ Steps to Use EMI Calculator Online
Follow these easy steps to use the EMI calculator effectively:
1️⃣ Select the Loan Type
Choose the type of loan you want to calculate:
- 🏠 Home Loan
- 🚗 Car Loan
- 💼 Personal Loan
This helps customize the fields and recommendations based on your selection.
2️⃣ Enter the Loan Amount (Principal)
Input the total amount you wish to borrow.
📌 Example: ₹5,00,000
Make sure it matches your financial needs and eligibility.
3️⃣ Enter the Annual Interest Rate
Add the interest rate your bank or lender is offering.
📌 Example: 8.5% per annum
You can usually find this in your loan offer or on bank websites.
4️⃣ Enter the Loan Tenure (in Years or Months)
Choose how long you want to repay the loan.
📌 Example: 5 years (60 months)
A longer tenure means smaller EMIs but higher interest paid over time.
5️⃣ Click "Calculate"
Hit the "Calculate EMI" button. The tool instantly displays:
🔸 Monthly EMI
🔸 Total Interest Payable
🔸 Total Loan Payment (Principal + Interest)
🔸 Visual Chart (Pie Chart or Graph)