EMI Calculator

I want to calculate -

Home Loan Amount

₹

|
0 |
25L |
50L |
75L |
1CR |
1.25CR |
1.5CR |
1.75CR |
2CR

Loan Tenure

Years

Months

|
10Y |
15Y |
20Y |
25Y |
30Y

Interest Rate

|
1% |
5% |
10% |
15% |
20%

Home Loan EMI

₹ 99,838

Total Interest Payable

₹ 1,39,61,117

Total Payment
(Principal + Interest)

₹ 2,39,61,117

What is EMI?

Equated Monthly Instalment or EMI is the fixed amount a borrower pays every month towards the repayment of their loan. It has two components - the principal and the interest- and is usually paid on a fixed date every month.

What are the various factors that affect your due amount?

Principal amount

The higher the principal amount, the more you will pay in dues. The interest added to this principal determines your recurring payments.

Interest rates

Interest rates play a key role in your due amount. With higher interest rates, you will owe more, while lower rates will reduce the total amount due.

Longer repayment tenures

A longer repayment tenure can lower your monthly dues but result in higher overall payments due to accumulated interest over time.

Fees & penalties

Any additional fees or penalties can increase your due amount. These can add up quickly and raise the total amount you owe.

How to use the EMI calculator?

You can use an EMI calculator to arrive at your EMI amount for your personal loan, home loan or even car loan. All you have to do is insert your loan amount, tenure and the rate of interest on the loan.

It then gives you the EMI amount along with the total interest payable.

How do EMI Calculators work?

The formula for calculating EMIs is:

EMI = [P × r × (1 + r)^{^}n]/[{(1 + r)^{^}n} - 1]

Here:

P = loan amount
r = rate of interest
n = loan tenure in months

To determine your EMI amount, enter the loan amount that you wish to borrow, the loan tenure within which you intend to repay the money, and the interest rate that your borrower charges.

What are the types of EMI Calculators?

There are three types of EMI Calculators:

Home Loan EMI Calculator:

Personal Loan EMI Calculator:

Car Loan EMI Calculator:

It is used to calculate a home loan EMI.

What are the benefits of using an online EMI Calculator?

Below are some benefits of using an online EMI interest calculator:

Free of charge:

An online EMI calculator is completely free. You do not need to pay any fees or charges to access the tool

Quick & accurate calculation:

An online EMI calculator provides quick and precise results. In just a few seconds, you can know the total amount of your dues.

Transparency:

Using an EMI calculator brings transparency by helping you understand how the monthly EMI is determined.

Customisable inputs:

An online EMI calculator allows you to customise the inputs based on your specific requirements. You can enter different amounts, interest rates and tenures to see how these factors affect your monthly EMI.

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Frequently Asked Questions

What happens in the case where the interest rate reduces or increases during the tenure of your loan?

For a floating plan, the EMI varies with changes in market rates. You pay more when the market rates soar and end up saving when they take a dip. Many banks make adjustments in a way that keeps the EMI constant with the tenure of the loan fluctuating.

What happens when you partially prepay the loan?

If you want to become debt-free as soon as possible, you have the option of prepaying your loan amount partially or fully. Although repaying your loan early reduces your future EMI payments, banks may stipulate a time period before which the prepayment cannot be initiated and may even charge a prepayment penalty.

What happens if you skip your EMI?

If you default on your EMI, the bank charges a late payment fee. Also, your EMIs may tend to be more in the future. Moreover, your credit score might take a hit; so, it is better to plan your finances right.

How are EMIs calculated on loans with a floating interest rate?

A floating interest rate, in contrast to a fixed rate, varies based on the prevailing market rates. It is usually synced with the base rate determined by the RBI. For some banks, changes in interest rates don't reflect in your EMI, rather the tenure of the loan may increase or decrease accordingly.

COMP/DOC/May/2024/155/6117

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