An Equated Monthly Installment (EMI) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMIs are used to pay off both interest and principal each month so that over a specified number of years, the loan is fully paid off. Our comprehensive EMI calculator helps you determine the exact monthly payment for any loan, whether it's a home loan, personal loan, car loan, or business loan.

The EMI calculation is based on three key factors: the principal loan amount, the annual interest rate, and the loan tenure. The formula used is: EMI = [P × R × (1+R)^N] / [(1+R)^N-1], where P is the principal amount, R is the monthly interest rate, and N is the number of monthly installments. Understanding this calculation helps borrowers make informed decisions about loan amounts, tenure, and prepayment strategies.

Our calculator provides detailed amortization schedules showing how each payment is split between principal and interest over the loan term. This visualization helps you understand how prepayments can significantly reduce total interest costs and loan tenure. For example, a ₹50 lakh home loan at 8.5% interest for 20 years results in an EMI of ₹43,391, with total interest of ₹54,13,840. Making annual prepayments of ₹1 lakh can save over ₹20 lakhs in interest and reduce the tenure by 6+ years.

The tool supports various loan scenarios including step-up EMIs, flexible tenure options, and prepayment analysis. You can export detailed amortization schedules, compare different loan scenarios, and generate print-friendly reports for financial planning. This makes it invaluable for borrowers, financial advisors, and loan officers who need accurate calculations and professional documentation.

Important Disclaimer: This calculator provides mathematical estimates based on the inputs provided. Actual EMI amounts may vary based on bank policies, processing fees, insurance requirements, and other charges. Interest rates are subject to change based on market conditions and lender policies. Always verify calculations with your lender and consider consulting financial advisors for major loan decisions. This tool is for informational and planning purposes only.