EMI Calculator
Calculate your monthly EMI and total payment breakdown
1L 1Cr
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1 Year 30 Years
Monthly EMI
₹0
Total Payment
₹0
Principal Amount
₹0
Total Interest
₹0
Interest Rate
0%
Loan Tenure
0 Years
Payment Breakdown

An EMI Calculator is a convenient online tool designed to help you determine the Equated Monthly Installment (EMI) for your loan. It simplifies the process by calculating the EMI based on three key factors: loan amount, interest rate, and loan tenure. You can easily adjust these inputs to see how they affect the EMI, eliminating the need for complex manual calculations.

The EMI calculator features three sliders for adjusting the loan amount, loan tenure in months, and interest rate. Once you input your details using the sliders, the calculator instantly provides the monthly payment amount required to repay your loan within your chosen timeframe.

EMI Calculator Formula

The formula for the EMI Calculator is derived from the reducing balance method of interest calculation. It can be expressed as:

EMI = [P * r * (1 + r)^n] / [(1 + r)^n – 1]

Where:

  • EMI = Equated Monthly Installment
  • P = Loan principal amount
  • r = Monthly interest rate (annual interest rate divided by 12)
  • n = Loan tenure in months

For instance, if Mr. A intends to borrow INR 500,000 for a period of five years at an annual interest rate of 10%, he can use the EMI calculator to determine his monthly payment.

EMI Calculation Inputs:

  • Desired loan amount: INR 500,000
  • Interest rate: 10%
  • Duration: Five years

Upon entering these values into the calculator, the output will indicate that at an interest rate of 10% per year, a loan of INR 500,000 would result in a monthly EMI of approximately INR 10,582.