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EMI Calculator

Calculate your Equated Monthly Installment (EMI) for home, car, or personal loans.

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EMI Formula

EMI = P × r × (1 + r)n / ((1 + r)n - 1)

  • P = Principal loan amount
  • r = Monthly interest rate (annual rate / 12 / 100)
  • n = Loan tenure in months
Typical Interest Rates (2024)
Loan Type Interest Rate Range Typical Tenure
Home Loan 8.40% - 10.50% 15-30 years
Car Loan 7.35% - 12.00% 3-7 years
Personal Loan 10.50% - 24.00% 1-5 years
Education Loan 7.50% - 12.00% 5-15 years
FAQs

EMI (Equated Monthly Installment) is a fixed payment made by a borrower to a lender on a specified date each month. It includes both principal and interest components.

You can reduce EMI by: (1) Making a larger down payment, (2) Choosing a longer tenure, (3) Negotiating a lower interest rate, or (4) Transferring balance to another lender with lower rates.

Yes, prepayment reduces the principal amount, which in turn reduces the total interest paid. Most lenders allow partial prepayment without charges after a lock-in period.