EMI Calculator — Estimate Your Monthly Loan Repayments Instantly

Managing loans is easier when you know your EMI (Equated Monthly Installment) in advance. This online EMI Calculator by CalcKaro helps you quickly find out how much you’ll need to pay every month for your home loan, car loan, personal loan, or education loan.

Simply enter the loan amount, interest rate, and loan tenure — and get an instant breakdown of your monthly EMI, total interest payable, and overall repayment amount.

How to Use the EMI Calculator

• Enter Loan Amount – The total amount you plan to borrow.
• Enter Interest Rate – The annual interest rate offered by the bank or lender.
• Enter Loan Tenure – The time period (in years or months) for repayment.
• Click Calculate – Instantly see your Monthly EMI, Total Interest, and Total Amount Payable.

Tip: Try adjusting tenure or rate to compare different loan options and choose what fits your budget best.

EMI Formula Used

This calculator uses the standard EMI formula:

Where:

• P = Principal loan amount
• r = Monthly interest rate (annual rate ÷ 12 ÷ 100)
• n = Number of monthly installments

Example:
If you take a loan of ₹5,00,000 at 10% annual interest for 3 years (36 months):

Total interest = ₹16,135 × 36 − ₹5,00,000 = ₹80,860
Total amount payable = ₹5,80,860

Understanding EMI Components

Each EMI includes two parts:

• Principal Component – The part that repays your actual loan amount.
• Interest Component – The cost of borrowing the money.

Over time, the interest portion decreases, while the principal portion increases — this is known as amortization.

Most EMI calculators also display an amortization chart showing how your balance reduces month by month.

Smart Loan Repayment Tips

1. Try to make prepayments or part-payments to reduce total interest.
2. Compare interest rates from multiple banks before finalizing a loan.
3. Choose a shorter tenure to save on total interest (if budget allows).
4. Avoid defaulting on EMIs — it affects your CIBIL/credit score.
5. Use this calculator before applying for a loan to plan your finances better.

Frequently Asked Questions

Q1. What is an EMI?
EMI stands for Equated Monthly Installment — a fixed payment you make each month toward loan repayment.

Q2. What affects my EMI amount?
Your loan amount, interest rate, and tenure. A higher rate or longer tenure increases the total interest.

Q3. Can I reduce my EMI?
Yes, you can lower EMIs by extending the loan tenure or refinancing your loan at a lower interest rate.

Q4. Is there any penalty for paying off a loan early?
Some lenders charge a prepayment fee. Always check your loan terms before making extra payments.

Q5. Does missing an EMI affect my credit score?
Yes. Even one missed EMI can reduce your credit score, making it harder to get future loans.

Disclaimer

This EMI Calculator is designed for educational and planning purposes only. Results are estimates and may vary depending on your lender’s policies and compounding methods. Please consult your bank or NBFC before making any financial decisions.