How It Works
Enter Loan Amount
Input the total principal amount for which you want to calculate EMI.
Select Tenure
Choose the repayment period in months or years to determine your monthly installment.
Enter Interest Rate
Specify the annual interest rate for your loan to get an accurate EMI calculation.
View EMI & Total Payable
See your monthly EMI, total interest, and total repayment over the loan period.
For Example:
For a loan of ₹3,00,000 over 3 years at 12% annual interest, your EMI will be calculated monthly, with interest decreasing over time. This helps in understanding principal vs interest components.
Year-wise EMI Table
| Year | Principal Paid (₹) | Interest Paid (₹) | Total Paid Till Now (₹) |
|---|---|---|---|
| Year 1 | ₹90,000 | ₹36,000 | ₹1,26,000 |
| Year 2 | ₹96,000 | ₹30,000 | ₹2,52,000 |
| Year 3 | ₹1,04,000 | ₹24,000 | ₹3,80,000 |
Tips & Best Practices
Opt for Affordable EMI
Choose a tenure that results in an EMI you can comfortably pay each month without affecting your other financial obligations. A longer tenure reduces EMI but increases total interest, while a shorter tenure increases EMI but reduces interest.
Consider Prepayment
If your loan allows prepayments, you can pay extra towards principal periodically. This reduces interest burden and shortens the loan tenure. Always check for prepayment penalties before proceeding.
Understand Interest Type
Fixed interest loans maintain constant EMIs, while floating interest loans may fluctuate. Understanding the type helps you plan your budget and avoid surprises during interest rate changes.
Maintain Payment Discipline
Set reminders or automate EMI payments to avoid defaults, late fees, and credit score damage. Timely payments build a strong credit history for future loans.
Include All Costs
Factor in processing fees, insurance, or other charges in your calculation. Accurate total cost estimation ensures you are financially prepared and avoids surprises.
Use EMI Calculator for Comparison
Compare EMIs for different lenders or interest rates using this calculator to make an informed choice. Small differences in rates can significantly impact total repayment over long tenures.