## EMI Calculator for Home Loan, Car Loan & Personal Loan in India

## Personal Loan EMI Calculator

Monthly EMI: ₹0

Total Interest Payable: ₹0

Total Payment (Principal + Interest): ₹0

Principal Loan Amount (%): 0%

Total Interest (%): 0%

## Home Loan EMI Calculator

Monthly EMI: ₹0

Total Interest Payable: ₹0

Total Payment (Principal + Interest): ₹0

Principal Loan Amount (%): 0%

Total Interest (%): 0%

## Car Loan EMI Calculator

Monthly EMI: ₹0

Total Interest Payable: ₹0

Total Payment (Principal + Interest): ₹0

Principal Loan Amount (%): 0%

Total Interest (%): 0%

## EMI Calculator for Home Loan, Car Loan & Personal Loan in India

**What is EMI?**

EMI, or Equated Monthly Installment, is the fixed monthly amount paid to a bank or financial institution until a loan is fully repaid. The EMI consists of both the interest on the loan and a portion of the principal amount. The sum of the principal and interest is divided by the loan tenure (the number of months over which the loan is to be repaid), and this amount is paid each month. Initially, the EMI has a higher interest component, which gradually reduces with each payment, while the principal repayment portion increases. Although the EMI amount remains constant throughout the loan tenure, the proportion of interest and principal within each installment changes over time.

**EMI Formula:**

The formula to calculate EMI is:

[ EMI = \frac{P \times r \times (1 + r)^n}{(1 + r)^n – 1} ]

Where:

- (E) is EMI
- (P) is the Principal Loan Amount
- (r) is the monthly interest rate (annual interest rate divided by 12 and then by 100)
- (n) is the loan term in months

For example, if you borrow ₹10,00,000 at an annual interest rate of 10.5% for 10 years (120 months), the EMI would be ₹13,493. Over 120 months, the total repayment would be ₹16,19,220, including ₹6,19,220 in interest.

Calculating EMIs manually or using Excel can be time-consuming, complex, and prone to errors. Our EMI calculator simplifies this process by providing instant results along with visual charts showing the payment schedule and a breakdown of the total payment.

**How to Use the EMI Calculator:**

The EMI calculator is user-friendly, intuitive, and quick to use. It can calculate EMIs for various types of loans, such as home, car, personal, or education loans. To use the calculator, enter:

- Principal loan amount (in rupees)
- Loan tenure (in months or years)
- Interest rate (in percentage)
- EMI in arrears or EMI in advance (for car loans only)

Adjust the values using sliders or enter them directly into the input fields. The calculator will instantly recalculate the EMI amount. A pie chart will display the breakdown of the total payment, showing the proportion of interest and principal. A payment schedule table will also be shown, detailing the monthly or yearly payments, and a chart depicting the interest and principal components paid each year.

If you want to make part prepayments to shorten your home loan term and reduce the total interest paid, use our Home Loan EMI Calculator with Prepayments. To calculate how much loan you can afford or determine the actual loan interest rate (including APR) on a purchase, use our loan calculator.

**Calculating EMI for Floating Rates:**

For loans with floating or variable interest rates, consider both optimistic (deflationary) and pessimistic (inflationary) scenarios:

**Optimistic Scenario:**Assume the interest rate decreases by 1% to 3%. In this case, your EMI will decrease, or you can opt to shorten the loan term. If you’re investing in a house with a home loan, this scenario helps you compare it with other investment opportunities.**Pessimistic Scenario:**Assume the interest rate increases by 1% to 3%. Consider if you can continue paying the EMI without difficulty. Even a 2% increase can significantly raise your monthly payments for the entire loan term.

These scenarios help you plan for future uncertainties. Taking a loan is a long-term financial commitment, so it’s important to prepare for both the best and worst cases. In essence, hope for the best but be prepared for the worst!