What is EMI in a loan?

EMI stands for Equated Monthly Installment. It is the fixed monthly amount a borrower pays to a lender to clear a loan over a specified loan tenure.

How is loan EMI calculated?

EMI is calculated using the formula: E = P * r * (1+r)^n / ((1+r)^n - 1), where P is the loan amount, r is the monthly interest rate (annual rate / 12 / 100), and n is the tenure in months.

Loan EMI Calculator

Estimate your monthly loan installments (EMI), total interest payable, and total loan cost for home, car, or personal loans.

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Interest Rate (% p.a.)

Loan Term

Calculation Result

Enter inputs above and click Calculate to view results.

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About Loan EMI Calculator

The Loan EMI Calculator calculates the Equated Monthly Installment (EMI) payable on home loans, personal loans, car loans, or other amortized mortgages. In addition, it displays a comprehensive breakdown of the total interest payable vs. the initial principal borrowed.

Amortized Loan EMI Formula:

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

Where P represents the principal, r represents the monthly interest rate (annual interest divided by 12, then divided by 100), and n is the loan term in total months.

Frequently Asked Questions

Worked example

Example: a 1,200 loan at 0% over 12 monthly payments costs 100 per month. Fees and variable rates are not included in this estimate.