EMI Calculator
Calculate your monthly EMI, total interest payable and total loan payment.
Loan Details
Loan Repayment Summary
What is an EMI Calculator?
An EMI Calculator is a financial tool that helps borrowers estimate the monthly instalment payable on a loan based on the loan amount, annual interest rate and loan tenure.
The calculator also estimates the total interest payable over the loan period and the total amount paid toward the loan.
How to Use the EMI Calculator?
- Enter the total loan amount you plan to borrow.
- Select the annual interest rate applicable to the loan.
- Choose the loan repayment tenure in years.
- The calculator will instantly show your estimated monthly EMI, total interest payable and total payment.
Why Use an EMI Calculator?
- Helps estimate the monthly repayment obligation before taking a loan.
- Allows borrowers to compare different loan amounts, interest rates and repayment periods.
- Shows the estimated total interest cost over the complete loan tenure.
- Can help borrowers plan their monthly budget and evaluate loan affordability.
Frequently Asked Questions
What is EMI?
EMI stands for Equated Monthly Instalment. It is the fixed monthly payment made by a borrower toward repayment of a loan, including principal and interest.
Can I enter ₹0 in the Loan Amount field?
Yes. The Loan Amount field can be completely cleared while entering a new amount. When the amount is empty, the calculator treats the loan amount as ₹0.
Can I manually enter my exact loan amount?
Yes. You can manually enter an exact loan amount up to ₹10 crore. The calculator will use the exact manually entered amount for EMI calculation while the slider moves to the nearest available position.
Does a longer loan tenure reduce the EMI?
Generally, a longer loan tenure reduces the monthly EMI because repayment is spread over more instalments. However, a longer tenure may increase the total interest paid over the life of the loan.
Are the EMI results exact?
The results are estimates based on the loan amount, interest rate and tenure entered by the user. Actual EMI amounts may differ depending on the lender's calculation method, fees, charges, repayment schedule and loan terms.