Calculate the monthly EMI, total interest paid, and total payment for any type of loan.
This tool calculates the fixed monthly installment (EMI) needed to repay any loan, along with total interest and total payment over the loan tenure.
EMI equals P times r times (1+r) to the power n, divided by ((1+r) to the power n minus 1), where P is principal, r is monthly interest rate, and n is number of months.
Enter the loan amount, annual interest rate, and tenure in years, then click Calculate.
Example: A loan of 5 lakh rupees at 10.5% for 5 years results in a monthly EMI of approximately 10,748 rupees.
Does EMI stay the same throughout the loan. Yes, for fixed-rate loans, the EMI remains constant, though the interest-to-principal ratio shifts over time.
What happens if I prepay the loan. Prepayment reduces the outstanding principal and can significantly reduce total interest paid.