Loan EMI Calculator
Enter your loan details
Note: The interest rate and loan term will be auto-filled based on the selected loan type. You can adjust them if needed.
For example, a Home Loan typically has an interest rate of 8.5% and a tenure of 20 years.
Understanding Your Loan
A loan EMI (Equated Monthly Installment) is the fixed amount you pay every month towards repaying your loan. It includes both principal and interest components.
Common Loan Types in India
| Loan Type | Typical Interest Rates | Common Tenure |
|---|---|---|
| Home Loan | 6.5% - 9.5% | Up to 30 years |
| Car Loan | 7.25% - 15% | Up to 7 years |
| Personal Loan | 10.5% - 24% | Up to 5 years |
| Education Loan | 8.25% - 15% | Up to 15 years |
Tips for Managing Your Loan
- Consider prepaying a portion of your loan when you have surplus funds to reduce overall interest.
- Compare different lenders to get the best interest rate before applying.
- Maintain a good credit score to qualify for better interest rates.
- Opt for a shorter loan tenure if you can afford higher EMIs to save on interest.
- Check for hidden charges like processing fees, prepayment penalties, etc.
- Consider loan insurance to protect your family from the burden of repayment in unforeseen circumstances.
Understanding EMI Calculation
The EMI for a loan is calculated using the formula:
EMI = [P × R × (1+R)^N]/[(1+R)^N-1]
Where:
P = Principal loan amount
R = Monthly interest rate (Annual rate ÷ 12 ÷ 100)
N = Total number of monthly installments (Years × 12)