EMI Calculator
Calculate monthly EMI for home, car, or personal loan instantly
EMI Breakdown
Principal vs Interest
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How to Use the EMI Calculator
Enter the loan amount, annual interest rate, and tenure in years. Select the loan type (reducing balance is standard for most banks). Click Calculate EMI to see your monthly installment, total interest, and full amortization schedule.
EMI Formula
P = Principal | r = Monthly Rate | n = Months
For a reducing balance loan of Rs.10 lakh at 8.5% for 20 years: Monthly EMI โ Rs.8,678. Total interest paid โ Rs.10.83 lakh.
Frequently Asked Questions
EMI (Equated Monthly Installment) is a fixed monthly payment made to a lender to repay a loan. It includes both principal and interest components.
EMI = P ร r ร (1+r)^n / ((1+r)^n - 1), where P = principal, r = monthly interest rate, n = number of months.
You can reduce EMI by making a larger down payment, choosing a longer tenure, or negotiating a lower interest rate.
Flat rate applies interest on the original principal throughout. Reducing balance applies interest on the outstanding principal, which decreases every month.
Yes, prepayment reduces the outstanding principal, which lowers either the remaining tenure or the EMI amount depending on your lender's policy.