EMI Calculator
Loan Summary
Monthly EMI
₹9,984
Total Interest
₹13,96,112
Total Payment
₹23,96,112
Interest to Principal Ratio
139.6%
Payment Breakup
Consider a shorter tenure or lower interest rate to reduce total interest cost.
Other Loan Calculators
EMI Calculation Formula
The EMI calculator uses the following formula:
EMI = P × r × (1 + r)^n / ((1 + r)^n - 1)
Where:
- P = Principal Loan Amount
- r = Monthly Interest Rate (Annual Rate ÷ 12)
- n = Total Number of Months
Understanding EMI Calculation
EMI (Equated Monthly Installment) is a fixed amount paid by a borrower to a lender at a specified date each month. EMI is used to pay off both interest and principal amount of a loan.
Principal Amount
The initial loan amount borrowed
Interest Rate
Annual interest rate charged on the loan
Loan Tenure
Total duration for loan repayment
How to Use This Calculator
- Enter the loan amount you wish to borrow
- Input the annual interest rate offered by your lender
- Specify the loan tenure in years or months
- Click Calculate EMI to see your monthly installment
Factors Affecting EMI
- Loan amount: Higher loan amount leads to higher EMI
- Interest rate: Higher interest rate increases the EMI
- Loan tenure: Longer tenure reduces EMI but increases total interest
- Processing fees and other charges