EMI Calculator – Calculate Loan EMI Instantly | Thiyagi

EMI Calculator

Calculate your Equated Monthly Installment instantly for home loans, car loans, personal loans & education loans.

₹10,000₹10,00,00,000
1%20%
1 Yr30 Yrs
Monthly EMI
₹0
Loan Amount
₹0
Total Interest
₹0
Total Payment
₹0

Amortization Schedule

Monthly breakdown of your loan repayment

PeriodEMIPrincipalInterestBalance

A Loan A

B Loan B

Prepayment Calculator

See how extra payments can save you interest and shorten your loan.

About EMI Calculator

An Equated Monthly Installment (EMI) is a fixed payment made by a borrower to a lender on a specified date each month. It comprises both principal repayment and interest, ensuring the loan is fully repaid over the agreed tenure. Our calculator uses the standard 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.

What is EMI?
EMI stands for Equated Monthly Installment. It is the amount payable every month to the bank or financial institution until the loan is paid off in full. It consists of the interest on the loan as well as part of the principal amount to be repaid.
How is EMI calculated?
EMI is calculated using the formula: EMI = P × r × (1+r)^n / ((1+r)^n − 1). Here, P = principal loan amount, r = monthly interest rate (annual rate / 12 / 100), and n = loan tenure in months. The result is a fixed monthly amount that covers both interest and principal repayment.
What factors affect my EMI?
Three main factors affect your EMI: (1) Loan Amount — higher principal means higher EMI; (2) Interest Rate — higher rates increase EMI; (3) Tenure — longer tenure reduces EMI but increases total interest paid.
Does prepayment reduce my loan tenure or EMI?
Prepayment reduces the outstanding principal, which can either shorten your loan tenure or reduce your EMI amount depending on the terms of your loan agreement. Most lenders allow you to keep the same EMI and reduce tenure, which saves more interest in the long run.
Can I use this calculator for different loan types?
Yes. This EMI calculator works for all types of loans — home loans, personal loans, car loans, education loans, business loans, and any other loan with a fixed interest rate and equal monthly installments.
What is an amortization schedule?
An amortization schedule is a complete table of periodic loan payments showing the amount of principal and interest that comprise each payment until the loan is fully paid off. In the early months, a larger portion of each payment goes toward interest. Over time, more of each payment goes toward reducing the principal.