Calculate your loan repayments with our comprehensive EMI calculator
| Component | Amount |
|---|---|
| Loan Amount | ₹0 |
| Interest Payable ℹ️ Total interest paid over the loan tenure | ₹0 |
| Total Payable | ₹0 |
| Month | EMI | Principal | Interest | Balance |
|---|
Understand your monthly EMI and total interest to budget effectively for your loan repayments.
Use the calculator to compare different loan types and tenures to find the most cost-effective option.
Get a clear breakdown of principal and interest components to make informed borrowing decisions.
Plan your finances confidently, knowing exactly how much you need to pay each month.
EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender at a specified date each month. It includes both principal and interest components, calculated using the formula: EMI = [P × R × (1+R)^N] / [(1+R)^N - 1], where P is the loan amount, R is the monthly interest rate, and N is the number of months.
- Personal Loan: Unsecured loan for personal expenses, typically with higher interest rates (10-15%).
- Home Loan: Secured loan for purchasing property, with lower rates (8-9%) and longer tenures.
- Education Loan: For funding education, with competitive rates (9-11%) and flexible repayment options.
- Vehicle Loan (Car): For buying cars, with rates around 7-9%.
- Vehicle Loan (Bike): For two-wheelers, with slightly higher rates (8-10%).
- Loan Amount: Higher amounts increase EMI.
- Interest Rate: Higher rates increase the interest component and EMI.
- Tenure: Longer tenures reduce monthly EMI but increase total interest paid.
- Loan Type: Different loans have varying interest rates based on risk and purpose.
- City Tier: Interest rates may vary by city tier, with Tier 1 cities often getting lower rates due to lower risk.
- Credit Score: A good score can secure lower interest rates, reducing EMI.
- Annual Income: Higher income may qualify for better loan terms or higher loan amounts.
EMI stands for Equated Monthly Installment, a fixed monthly payment to repay a loan, covering both principal and interest.
EMI is calculated using the formula: EMI = [P × R × (1+R)^N] / [(1+R)^N - 1], where P is the loan amount, R is the monthly interest rate, and N is the number of months.
Longer tenures reduce monthly EMI but increase total interest paid, while shorter tenures increase EMI but reduce total interest.
Yes, most loans allow prepayment, but some lenders charge a penalty. Prepayment can reduce total interest paid.
Interest rates may be lower in Tier 1 cities (e.g., Mumbai, Delhi) due to lower risk and higher economic activity, while Tier 3 cities may have higher rates to offset higher risk.
9599438277
We'll get back to you within 24 hours.
