EMI Calculator
Calculate your Equated Monthly Installment for loans and get a detailed breakdown.
For a loan of ₹10,00,000 taken for 10 years at an interest rate of 8.5%, your Equated Monthly Installment (EMI) will be ₹12,399.
Calculation Breakdown
Over the entire loan duration, you will pay a total of ₹14,87,828, which includes ₹4,87,828 in interest.
EMI Formula: [P x R x (1+R)^N] / [(1+R)^N-1]
Where P is the principal, R is the monthly interest rate, and N is the number of months.
Example
For a ₹10,00,000 home loan for 20 years at 8.5% interest, the EMI would be approximately ₹8,678. The total interest paid over 20 years would be over ₹10.8 lakh, more than the original loan amount.
What is an Equated Monthly Installment (EMI)?
An Equated Monthly Installment (EMI) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMIs are used to pay off both interest and principal each month so that over a specified number of years, the loan is paid off in full. It's a common way to finance large purchases like homes, cars, and electronics.