EMI Calculator
Calculate your Equated Monthly Installment for loans based on principal, interest rate, and tenure.
Introduction
Welcome to the EMI Calculator! This tool helps you estimate your monthly loan repayment amount (EMI) based on the principal amount, interest rate, and loan tenure.
How to Use
- Enter the principal amount you wish to borrow.
- Enter the annual interest rate for the loan.
- Enter the loan tenure in months.
- Click "Calculate EMI" to see your estimated monthly installment.
- Review the summary and notes in the result section.
- Click "Reset" to clear the form and start over.
- Click "Save Entries" to store your calculations locally.
Understanding EMI
The Equated Monthly Installment (EMI) is the fixed amount you pay each month towards repaying a loan. It includes both principal and interest components. The formula used is:
EMI = P [ r(1 + r)^n ] / [ (1 + r)^n – 1 ]
- EMI: Monthly installment
- P: Principal (loan amount)
- r: Monthly interest rate (annual rate / 12)
- n: Number of monthly payments (tenure in months)
This calculation assumes a fixed interest rate and does not account for additional fees or charges.
FAQs
What is EMI?
EMI stands for Equated Monthly Installment, the fixed payment you make each month to repay a loan, covering both principal and interest.
Does this include processing fees?
No, this calculator only estimates the principal and interest portion of your EMI. Additional fees or charges are not included.
How accurate is this calculation?
This is an estimate based on standard loan formulas. Actual EMIs may vary based on lender terms and additional costs.
About This Calculator
Built by xAI, this EMI Calculator provides a simple way to estimate monthly loan repayments for educational purposes. For precise figures, consult a financial advisor or lender.