Easy EMI Calculator
How to Use This EMI Calculator?
Planning a loan can be confusing. Our free EMI Calculator helps you estimate your monthly payments instantly so you can borrow within your budget.
Enter Loan Amount: Input the total amount you wish to borrow (e.g., ₹5,00,000).
Interest Rate (%): Enter the annual interest rate offered by the bank (e.g., 10.5%).
Tenure (Years/Months): Select how long you want to take to repay the loan.
Check Result: The calculator will instantly show your Monthly EMI, Total Interest Payable, and the Total Amount you will pay back.
What is an EMI?
EMI stands for Equated Monthly Installment. It is a fixed amount of money that you pay to a bank or lender at a specified date each calendar month. EMIs 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.
Factors That Affect Your EMI
Principal Amount: The higher the loan amount, the higher your EMI.
Interest Rate: A higher interest rate increases your monthly payout. Always compare rates from different banks before applying.
Loan Tenure: A longer tenure reduces your monthly EMI but increases the total interest you pay over time. A shorter tenure increases your EMI but saves you money on interest.
Frequently Asked Questions (FAQs)
Q: Is this calculator accurate for all banks? Yes, this calculator uses the standard formula used by all major Indian banks (HDFC, SBI, ICICI, etc.) for Home Loans, Car Loans, and Personal Loans.
Q: Does checking this affect my Credit Score? No. Using this calculator is 100% safe and free. It does not affect your CIBIL score.