What is EMI?

EMI (Equated Monthly Installment) is a fixed amount you pay each month toward a loan until it is fully repaid. It includes both principal and interest. The formula is: EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is principal, r is monthly interest rate, and n is number of months.

How to use this EMI calculator

Enter the loan amount (principal), annual interest rate (as a percentage), and loan tenure in months or years. The calculator will show your monthly EMI and total amount payable. Use it for home loans, car loans, or personal loans to plan your budget.

Tips for lowering your EMI

You can reduce EMI by increasing the down payment (lower principal), choosing a longer tenure (spreads payment but increases total interest), or improving your credit to get a lower interest rate. Compare different tenures and rates using this tool before borrowing.