🧮 Loan EMI Calculator
Calculate your monthly loan payments instantly
Loan EMI Results
836.44
Monthly EMI Payment
200,745.60
Total Amount100,745.60
Total Interest20 Years
Loan TenurePayment Breakdown
Loan Principal Amount:
100,000.00
Total Interest Payable:
100,745.60
Total Amount Payable:
200,745.60
Interest Rate (Annual):
8.5%
How EMI is Calculated
EMI (Equated Monthly Installment) is calculated using the mathematical formula:
EMI = [P × R × (1+R)^N] / [(1+R)^N - 1]
Where:
- P = Principal loan amount
- R = Monthly interest rate (Annual rate ÷ 12)
- N = Total number of monthly installments
Benefits of Using EMI Calculator
- Instant Results: Get immediate calculations without manual computation
- Financial Planning: Plan your monthly budget effectively
- Compare Total Cost: Look beyond EMI - consider processing fees, prepayment charges
- Interest Rate Types: Fixed vs floating rates have different implications
- Prepayment Options: Check if you can make partial prepayments without penalty
- Insurance Requirements: Some loans require insurance coverage
- Auto-debit Setup: Avoid late payment charges with automatic payments
- Emergency Fund: Maintain 3-6 months of EMI as emergency backup
- Regular Review: Monitor your loan account and credit score regularly
- Refinancing Options: Consider refinancing if better rates become available