EMI Calculator
Loan Amount
Rate of Interest
Tenure
All Loans
Loan Amount
Rate of interest
Tenure
Loan EMI
86,988.43 INR
Total Interest Payable
43,861.15 INR
Total Payment
(Principal + Interest)
10,43,861.15 INR
EMI Calculator
An EMI calculator is a tool that helps you compute the Equated Monthly Installment (EMI) you need to pay to repay a loan over time. It’s commonly used for home loans, personal loans, auto loans, and education loans.
What is an EMI?
EMI is the fixed amount you pay every month to a lender until your loan is fully repaid. Each EMI has two parts:
Principal: Portion of the original loan amount
Interest: Charged by the lender for the borrowed money
What is an EMI Calculator?
An EMI calculator is an online tool that calculates your EMI using:
Loan amount (Principal)
Interest rate
Loan tenure (in months or years)
It instantly gives you:
Monthly EMI
Total interest payable
Total repayment amount (Principal + Interest)
Example: If you take a ₹10 lakh loan at 9% interest for 10 years, the calculator will show you the EMI (around ₹12,668), total interest, and total repayment.
How does an EMI Calculator help me?
Financial Planning: Helps you understand monthly outgo
Comparison Tool: Compare loans with different tenures or interest rates
Faster Decision Making: No need for manual calculations
Know Affordability: See if a loan fits your monthly budget
What should be my EMI according to my income?
Your total EMIs should not exceed 40% of your net monthly income.
For example, if your net monthly income is ₹30,000 your EMI should not be more than ₹12,000, if your net monthly income is ₹50,000 you should aim to keep your EMI below ₹20,000 if it is ₹1,00,000 you should be okay spending ₹40,000 as EMI.
Note: This is just a rule of thumb. If you have other fixed obligations (like rent, school fees), aim lower.
How can I Reduce my EMI?
Here are smart ways to reduce EMI:
-
Choose a longer tenure. This will help you reduce your EMI; however, it will mean you pay more interest amount.
-
Make a higher down payment. This lowers the loan amount required.
-
Opt for a lower Interest Rate. Compare banks or negotiate with your lender.
-
Lookout for loan balance transfer or debt consolidation. Move your loan to another lender offering lower interest.
-
Prepay whenever possible. A reduced principal lowers interest burden and EMI if recalculated.
-
Go for step-up EMIs. A step-up EMI basically means that you start with a lower EMI and as your income increases, you start paying more. This helps in reducing the total principle faster and you pay lower interest, which means lesser EMIs.