EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMIs are used to pay off both interest and principal every month so that over a specified period of time, the loan is paid off in full.

What is the EMI formula?

EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P is the principal loan amount, r is the monthly interest rate (annual rate divided by 12 and then by 100), and n is the number of monthly installments (loan tenure in months).

How do I reduce my EMI?

You can reduce your EMI by: (1) increasing the loan tenure — a longer repayment period lowers monthly payments, (2) making a larger down payment to reduce the principal, (3) negotiating a lower interest rate or refinancing, or (4) making part-prepayments to reduce the outstanding principal.

What is the difference between EMI and simple interest?

Simple interest is calculated only on the principal amount, while EMI loans use reducing balance (compound) interest — interest is charged only on the outstanding principal. As you repay, the interest component decreases and the principal component increases each month.

FINANCE

EMI Calculator

Calculate monthly EMI, total interest payable, and full amortization schedule for any loan.

Loan Amount (₹)

Interest Rate (% per annum)

Tenure (months)

MONTHLY EMI

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Principal Amount

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Total Interest Payable

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Total Amount Payable

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Interest as % of Principal

AMORTIZATION SCHEDULE

Month	Principal (₹)	Interest (₹)	Balance (₹)