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Calculate EMI for car loan | auto loan, home loan | housing loan, personal loan with payment schedule

Loan Calculator | EMI Calculator

Simply enter the loan amount, tenure/term/no of EMI and interest rate in the fields below and click Calculate EMI button. result will be shown in right side and payment schedule will be generated accordingly

Calculate Loan EMI Calculation Method:


EMI Amount
Principal Amtount
Total Intr Amt
Tot Amt to Pay

What is EMI?

An equated monthly installment (EMI) is defined by Investopedia as "A fixed payment amount made by a borrower to a lender at a specified date each calendar month. Equated monthly installments are used to pay off both interest and principal each month, so that over a specified number of years, the loan is paid off in full."

It further explains that, with most common types of loans, such as real estate mortgages or home loan, the borrower makes fixed periodic payments to the lender over the course of several years with the goal of retiring the loan. EMIs differ from variable payment plans, in which the borrower is able to pay higher payment amounts at his or her discretion. In EMI plans, borrowers are usually only allowed one fixed payment amount each month.

The benefit of an EMI for borrowers is that they know precisely how much money they will need to pay toward their loan each month, making the personal budgeting process easier.

How to calculate EMI- formula for EMI

In Arrears


emi formula for Arrears/Reducing Balance/Simple method


emi formula for Equivalently/Compound method
Where: P is the principal amount borrowed, A is the periodic amortization payment, r is the periodic interest rate divided by 100 (annual interest rate also divided by 12 in case of monthly installments), and n is the total number of payments (for a 30-year loan with monthly payments n = 30 × 12 = 360).

For example, if you borrow 10,000,000 usd from the bank at 10.5% annual interest for a period of 10 years (i.e., 120 months), then EMI = Units of currency 10,000,000 * 0.00875 * (1 + 0.00875)120 / ((1 + 0.00875)120 – 1) = usd 134,935. i.e., you will have to pay total usd 134,935 for 120 months to repay the entire loan amount. The total amount payable will be 134,935 * 120 = 16,192,200 currency units that includes currency units 6,192,200 as interest toward the loan.
Source : Wikipedia - Equated monthly installment

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