EMI Calculator

How the EMI calculator can help you calculate EMI on home, car, and personal loans online

Your Loan Amount




Rate of Interest (P.A)




Loan Duration







Principal Amount


Total Interest


Total Amount


Principal Amount


Not everyone is born rich. Most of us would need large amounts of money at some point in our lives to fund big purchases such as a home or car or to meet some unexpected personal expenses. Thankfully, loans offered by banks and financial institutions are easily available. However, anything related to finance such as calculating the equated monthly installments (EMI) on loans is scary for most of us. Thankfully, a solution is at hand our EMI calculator will easily do the job for you with a few clicks. Let us understand this tool better. 

Understanding the EMI Calculator

EMI is short for Equated Monthly Installment, the amount payable to a bank or financial institution for the loan amount availed. It is the monthly amount paid by the person who avails the loan until the loan amount is fully repaid. EMI calculator is a tool that accurately calculates the repayment amount that a person owes to the lender every month. 

If you are wondering how to calculate the EMI on your loan, you can use the online EMI calculator or use the formula below.

Calculating the loan EMI amount

While there are online calculators to calculate loan EMIs, you can go old-school and use the formula below to calculate your monthly outgo.


P x R x (1+R)^N / [(1+R)^N-1]


In the formula above P, N, and R stand for 

P = principal loan amount

N = tenure in months, and

R = Prevailing interest rate.

EMI Calculators for Various Requirements

There are different types of loans available to cater to specific requirements of individuals. Similarly, there are different calculators to calculate the EMI of those loans. Some of them are listed below. 

Home Loan EMI Calculator 

Given the huge expense involved in buying a home these days, home loan tenures are usually long and you need to plan well to ensure personal financial stability. The home loan EMI calculator is an easy tool to calculate the monthly EMI by taking into account the loan amount, interest rate, and tenure.

Car Loan EMI Calculator

This will help you calculate the EMI for your car loan. For ordinary folks, buying a new car is a big expense and most individuals will have to opt for a car loan. The car loan calculator helps users estimate the amount they owe to the bank every month based on the total price of the car and the interest rate. 

Personal Loan EMI Calculator

A personal loan is a type of loan that a person takes to meet personal expenses like medical emergencies or weddings. These loans are unsecured and do not need collateral. But the downside to this is the high-interest rate. While the loan tenure for personal loans is shorter, a personal loan EMI calculator can help you determine the repayment amount. 

Education Loan EMI Calculator

Education loan EMI calculators are calculators designed to estimate the EMI for loans availed to fund higher education. The repayment for such loans usually begins six months after course completion or after the student secures a job, whichever is sooner. Education loan EMI calculators thus help students estimate the amount they owe to the bank after the completion of their education. 

Loan Against Property EMI Calculator

Loan against property allows people to use their physical assets like land and residential property as collateral while taking out a loan. Like other loan calculators, the loan against property EMI calculator takes into account the loan amount, rate of interest, and loan tenure to help individuals estimate the monthly EMI they will be required to pay.

These factors could impact your due amount

Several factors can affect the due amount of a loan. Let’s discuss some of them. 


  • Tenure of the Loan


The duration of the loan is an important factor in determining the final due amount. Simply put, longer loan tenure incurs more interest, while the interest rate is lower for shorter tenures. 


  • Interest Rate


The rate of interest is a very important factor to consider when applying for loans as they can directly impact the due amount. The higher the interest rate, the higher the total due amount. That is why most people go for financial institutions or banks that offer lower rates of interest. 


  • Amount of Loan Availed 


The basic principle behind a loan is that you have to pay it back to the lender with interest. So, the higher the loan amount, the higher your monthly EMI will be, which can directly impact your monthly budget. Therefore, decide on a loan amount that lets you attain your goals without straining your budget. 

Online EMI Calculator Is Your Trusted Financial Assistant

An EMI loan calculator is not just an easy way out for people who hate math. In fact, the EMI calculator for loans is an indispensable tool for anyone who wants to take loans to buy a home, or a car, or to fund higher education. The calculator makes loan planning easy and error-proof and helps in making informed financial decisions. They are a must-use tool for evaluating loan affordability and budget management. So, if you are planning to get a loan, remember to check out the best EMI calculator online to help you in your journey.


EMI calculators are accurate, easy to use, and mostly error-proof. They are great tools for individuals and businesses alike as they provide accurate estimates of expected monthly repayments. Besides, they help in financial planning and facilitate sound decision-making. 


1.How do I calculate monthly interest on a loan online?

To calculate the monthly interest of a loan online, you can use loan EMI calculators offered by various financial institutions and banks online.

2.What sort of loans can I use the EMI calculator for?

The EMI calculator can be used for home loans, car loans, education loans, and many more.

3.How does the debt-to-income ratio impact my chances of getting a loan?

The debt-to-income ratio compares your monthly debt to your monthly income. And this ratio mustn't be more than 50%. If the ratio is higher, it affects your chance of availing of a loan because it tells the lending institution that you might struggle to pay back.

4.What does an EMI consist of?

An EMI consists of principal repayment and interest payment, the two main components of EMI.

5.What happens if I fail to pay my EMIs?

If you fail to pay the EMI on time, you will be penalized based on the institution’s loan repayment provisions. This might include paying more than the original amount.

6.How to use an online EMI calculator?

Online EMI calculators are easy to use. All you have to do is input the principal amount, tenure, and rate of interest and click on calculate.