EMI Calculator — Calculate Your Loan EMI Online Free
Calculate Equated Monthly Installment (EMI) for any loan in seconds. Get complete year-wise amortization schedule.
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What is EMI?
EMI (Equated Monthly Installment) is the fixed monthly amount you pay to your bank until the loan is fully repaid.
EMI Formula
P = Principal | r = Monthly rate | n = Tenure (months)
Key Terms
- Principal: Loan amount borrowed
- Interest Rate: Annual rate charged by bank
- Tenure: Repayment period in months/years
Frequently Asked Questions
EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is principal, r is monthly interest rate (annual/12/100), n is tenure in months. Our calculator uses this RBI-standard formula.
For floating rate loans (RLLR/EBLR linked), EMI may change when RBI revises the repo rate. Fixed rate loans have constant EMI throughout the tenure.
Yes. Pay a partial prepayment and request your bank to either reduce EMI (same tenure) or reduce tenure (same EMI). Most banks allow this after a lock-in period.
Missing an EMI attracts a late payment penalty (1–3% of EMI) and harms your CIBIL score. Consecutive misses can lead to NPA classification.
Yes. We use the same formula as all Indian banks per RBI guidelines. Results are accurate to within ₹1. For exact EMI, confirm with your bank.
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⚠️ Disclaimer
All calculations are indicative and for informational purposes only. Actual EMI may vary based on your bank's terms, processing fees, and applicable taxes. Please contact your bank for exact figures before taking a loan.
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