EMI Calculator
Calculate Equated Monthly Installments (EMI) for home loans, car loans, personal loans, and other financing options with detailed payment analysis.
EMI Calculation Results
EMI Breakdown:
Payment Analysis:
About
Our EMI Calculator helps borrowers, financial planners, and loan officers calculate accurate monthly installments for various types of loans with detailed payment analysis and comparison tools.
Why Choose
Comprehensive EMI calculations with loan affordability analysis, comparison tools, prepayment impact assessment, and support for multiple loan types with accurate interest calculations.
Features
Calculate EMI for different loan types, assess loan affordability based on income, compare multiple loan options, analyze prepayment benefits, and factor in processing fees and insurance.
Benefits
Make informed borrowing decisions, plan monthly budgets effectively, compare loan offers from different lenders, optimize prepayment strategies, and understand true loan costs.
Select Calculation Type
Choose from EMI calculation, loan affordability assessment, loan comparison, or prepayment impact analysis based on your financial planning needs.
Enter Loan Details
Input loan amount, interest rate, tenure, and select loan type. Add income details for affordability or comparison data for multiple loans.
Analyze Results
Review detailed EMI breakdown, total cost analysis, affordability assessment, and make informed decisions about your loan options.
Frequently Asked Questions – EMI Calculator
EMI is calculated using the formula: EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ-1), where P = principal, r = monthly interest rate, n = number of months. Each EMI includes both principal repayment and interest. Early EMIs have more interest component, while later EMIs have more principal component.
FOIR (Fixed Obligation to Income Ratio) is the percentage of your monthly income that goes toward loan EMIs. Banks typically allow 40-60% FOIR. For example, with 50,000 monthly income and 50% FOIR, your maximum affordable EMI is 25,000. Lower FOIR means higher loan eligibility.
Tenure reduction typically saves more interest over the loan lifetime, while EMI reduction provides immediate monthly relief. Choose tenure reduction if you can afford current EMI and want maximum savings. Choose EMI reduction if you need monthly cash flow relief or have other investment opportunities.
Processing fees (typically 0.5-2% of loan amount) and insurance premiums are additional costs that increase your effective loan cost. While they don’t affect EMI calculation, they impact total out-of-pocket expenses. Factor these when comparing loan offers from different lenders.
Fixed rates remain constant throughout the loan tenure, providing EMI stability but often starting higher. Floating rates change with market conditions, potentially offering savings when rates fall but carrying uncertainty. Most home loans use floating rates, while personal loans often have fixed rates.