EMI Calculator

EMI Calculator – Calculate Monthly Loan EMI Online

Use this free EMI Calculator on ExamSathi.in to estimate your monthly loan instalment, total interest payable, and total repayment amount. Enter your loan amount, annual interest rate, and repayment tenure to calculate your estimated EMI quickly.

This calculator can help you plan repayments for different types of loans, including home loans, personal loans, car loans, and other loans with fixed monthly instalments.

What Is an EMI Calculator?

EMI stands for Equated Monthly Instalment. It is the fixed monthly payment a borrower makes towards repaying a loan over an agreed period. An EMI generally includes both the principal amount and interest.

How to Use the EMI Calculator

• Enter the total loan amount in rupees.
• Enter the annual interest rate as a percentage.
• Enter the loan repayment tenure.
• Select whether the tenure is in years or months.
• Click Calculate EMI to view the result.
• Use Reset to clear the values and start again.

Loan Amount

The loan amount is the principal you borrow from a bank or financial institution. Enter the amount you plan to borrow. A larger loan generally results in a higher EMI when the interest rate and tenure remain unchanged.

Annual Interest Rate

The annual interest rate is the percentage charged by the lender on the outstanding loan balance over a year. Enter the applicable annual rate offered by your lender.

Your actual interest cost may depend on the loan type, interest-rate structure, fees, and repayment conditions.

Loan Tenure

Loan tenure is the period over which you repay the loan. This calculator lets you enter the repayment period in years or months.

A longer tenure generally reduces the monthly EMI but may increase the total interest paid. A shorter tenure generally increases the EMI but can reduce the total interest cost.

EMI Calculation Formula

For a standard loan with a fixed periodic interest rate and equal monthly repayments, the EMI is calculated using the following formula:

Where:

• P: Principal loan amount.
• r: Monthly interest rate expressed as a decimal.
• n: Total number of monthly instalments.

To convert an annual interest rate into a monthly rate, the standard calculation generally divides the annual percentage rate by 12 and then by 100.

Example of EMI Calculation

Suppose you borrow ₹1,00,000 at an annual interest rate of 12% for 12 months. Assuming a standard reducing-balance loan with monthly repayments, your estimated EMI will be approximately ₹8,885.

Actual figures may differ slightly because of rounding, lender-specific calculations, fees, or other loan conditions.

What Is the Difference Between EMI and Interest?

EMI is the total monthly instalment you pay towards your loan. Interest is the cost charged by the lender for borrowing money. Your EMI generally includes both principal repayment and interest.

Benefits of Using an Online EMI Calculator

• Estimate monthly loan repayments before borrowing.
• Compare different loan amounts and repayment tenures.
• Understand the relationship between interest rates and EMI.
• Estimate total repayment and interest costs.
• Plan your monthly budget more effectively.
• Use the calculator conveniently on mobile phones and computers.

Important Points to Remember

• Enter the correct loan amount and annual interest rate.
• Choose the correct repayment tenure unit.
• Check whether the lender charges processing fees or other costs separately.
• Actual EMI may differ for floating-rate loans or loans with special repayment terms.
• Use the lender's official repayment schedule for final figures.

Frequently Asked Questions (FAQs)