EMI (Equated Monthly Instalment) is the fixed monthly payment you make to repay a loan over its tenure, comprising both principal and interest.

Does prepayment reduce my EMI?

Prepayment reduces either your outstanding principal or tenure. Most lenders offer both options; reducing tenure saves more interest overall.

Which loan has the lowest EMI?

Home loans typically have the lowest EMIs due to long tenures (up to 30 years). Personal loans have higher EMIs because of shorter tenures and higher interest rates.

Calculator

EMI Calculator

Calculate your monthly loan EMI for home loans, car loans, or personal loans instantly.

Loan Amount

₹

₹10K₹1Cr

Interest Rate

% p.a.

1%30%

Loan Tenure

Years

1 yr30 yrs

Monthly EMI ₹17,356

Principal Amount ₹20,00,000

Total Interest ₹21,65,440

Total Payment ₹41,65,440

52% Interest

How EMI is Calculated

EMI (Equated Monthly Instalment) is the fixed amount you pay each month to repay your loan. It includes both the principal and interest components. In early months, a larger portion goes toward interest; over time, more goes toward principal.

Formula: EMI = P × r × (1+r)^n / [(1+r)^n – 1]
Where P = principal, r = monthly interest rate, n = number of months