Free EMI Calculator – Calculate Your Monthly Loan Payments Instantly
Instantly calculate your EMI, total interest, and full loan repayment schedule. Perfect for personal, car, home, and education loans.
What is EMI (Equated Monthly Installment)?
Equated Monthly Installment (EMI) is the fixed amount you pay every month to repay your loan. It includes both the principal amount and the interest on your loan. EMI is commonly used for car loans, bike loans, personal loans, home loans, and more.
This tool helps you quickly calculate your monthly EMI, total interest payable, and the overall loan amount. You’ll also get a clear amortization schedule and an easy-to-understand payment chart.
Why EMI Calculation is Important (Who Uses It)
- Loan Applicants:Plan monthly budgets before applying for a loan.
- Banks & Financial Advisors:Provide customers with clear repayment schedules and reduce defaults.
- Investors & Home Buyers:Understand total interest and tenure impact to make smarter decisions.
EMI Breakdown & Repayment Schedule
| Month | EMI Amount | Principal Paid | Interest Paid | Balance |
|---|---|---|---|---|
| 1 | 10,000 | 7,500 | 2,500 | 2,90,000 |
| 2 | 10,000 | 7,800 | 2,200 | 2,82,200 |
| 3 | 10,000 | 8,100 | 1,900 | 2,74,100 |
| 4 | 10,000 | 8,400 | 1,600 | 2,65,700 |
| 5 | 10,000 | 8,700 | 1,300 | 2,57,000 |
| 6 | 10,000 | 9,000 | 1,000 | 2,48,000 |
| 7 | 10,000 | 9,300 | 700 | 2,38,700 |
| 8 | 10,000 | 9,600 | 400 | 2,29,100 |
| 9 | 10,000 | 9,800 | 200 | 2,19,300 |
| 10 | 10,000 | 10,000 | 0 | 2,09,300 |
How to Use the EMI Calculator
- Enter your loan amount (e.g., 5,00,000).
- Enter the annual interest rate (e.g., 10%).
- Select the loan tenure (in months or years).
- Click on “Calculate” to view EMI details.
- Check the repayment schedule table and graph for a full breakdown.
- Export or print the results as PDF or Excel for future reference.
Tip: Even a small change in interest rate or tenure can affect your EMI. Always compare options before finalizing a loan.
EMI Payment Chart (Principal vs Interest)
This graph shows how your monthly EMI is divided between principal and interest over the loan period. As time passes, the interest component decreases while the principal repayment increases.
Frequently Asked Questions
Yes, you can reduce EMI by making a higher down payment, choosing a longer tenure, or refinancing your loan at a lower interest rate.
For fixed interest rate loans, EMI remains the same. For floating rates, EMI can change based on interest fluctuations.
Yes, you can prepay or foreclose your loan. This can help save interest, but check if your lender charges a prepayment penalty.
