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Calculate your EMI
EMI Calculator
Principal
Expected Rate of Interest
Tenure
EMI Breakdown
Principal
₹ 1,00,00,000
Total Interest payable
₹ 37,48,187
Total Payable amount
₹ 1,37,48,187
Borrow Lump sum amount and repay it monthly with minimal interest
Monthly EMI
₹ 1,14,568
Monthly Amortization
EMI Paid
₹ 1,14,568 /month
Total payable amount
₹ 1,37,48,187
Months
Amount
Equated Monthly Installment - EMI for short - is the amount payable every month to the bank or any other financial institution until the loan amount is fully paid off. It consists of the interest on loan as well as part of the principal amount to be repaid.
What is EMI?
EMI refers to 'Equal Monthly Instalments.' EMI is a fixed-nature payment the borrower makes to the lender every month for a specific duration. It is a structure where a large payment is broken down into smaller manageable payments, including principal and interest amounts.
An online EMI calculator can calculate the monthly repayment amount with details such as the amount borrowed, rate of interest, and loan duration.
EMI Calculation Formula: How to Determine your Loan EMI Amount
- E is EMI
- P is Principal Loan Amount
- r is rate of interest calculated on monthly basis. (i.e., r = Rate of Annual interest/12/100. If rate of interest is 10.5% per annum, then r = 10.5/12/100=0.00875)
- n is loan term / tenure / duration in number of months
How to use the Moneyfy EMI calculator?
The Monefy EMI calculator is user-friendly and can help you calculate your EMI instantly. Here’s how:
1. Enter the principal amount and slide the respective bars to specify the interest rate and the tenure (months or years).
2. The estimated EMI will be displayed on your screen.
Types of EMI Calculators
Here’s a quick look at the different types of EMI calculators to help you plan your repayments better:
1. Home Loan EMI Calculator : Ideal for large loan amounts and long tenures. Enter your loan amount, tenure, and interest rate to get instant EMI estimates and plan repayments smoothly.
2. Personal Loan EMI Calculator : Ideal for short-term, unsecured loans. Quickly calculate EMIs for expenses like weddings, travel, or home repairs using basic loan details.
3. Education Loan EMI Calculator : Great for financing higher education. Estimate EMIs in seconds and manage repayment planning for domestic or overseas studies with ease.
4. Car Loan EMI Calculator : Helps you plan repayments for vehicle purchases. Avoid defaults by calculating accurate EMIs based on loan amount, interest rate, and tenure.
5. Loan against Property EMI Calculator : Useful when taking a secured loan against property. Enter key details to instantly know your EMI and manage repayment better.
Benefits of Using an Online EMI Calculator
1. 24x7 Access – Plan Anytime, Anywhere : Use the EMI calculator online anytime, from anywhere. All you need is an internet connection to plan on your own schedule.
2. Precise Calculations : Automated calculations eliminate manual mistakes. Get accurate EMI figures for better financial planning and decision-making.
3. Smooth Financial Planning : With quick results, precise calculations, and 24*7 access, the online calculator makes budgeting and planning your loan repayments easier and more accurate.
4. Easy Comparison : Change the amount, rate, or tenure to compare multiple credit options and choose the one that fits your budget.
5. Instant Results – Get EMI in Seconds : Know your estimated EMIs instantly. Enter the loan amount, interest rate, and tenure to get results in less than 5 seconds.
Floating rate EMI calculation
1. Consider Two Scenarios: Always calculate your EMI under both optimistic (deflationary) and pessimistic (inflationary) interest rate conditions.
2. Decide Loan Amount and Tenure: You control how much you borrow and the duration of your loan. Adjust these based on your financial comfort.
3. Interest Rates Are Market-Driven: Rates are set by lenders based on RBI policies, so they can fluctuate over time.
4. Factor in Rate Fluctuations: Use the EMI calculator to test how rising or falling interest rates affect your repayment amount.
5. Make Informed Decisions: This approach helps determine the affordable EMI, ideal loan tenure, and optimal loan amount for your needs.
Optimistic (deflationary) scenario:
Assume that the rate of interest comes down by 1% - 3% from the present rate. Consider this situation and calculate your EMI. In this situation, your EMI will come down or you may opt to shorten the loan tenure. Ex: If you avail home loan to purchase a house as an investment, then optimistic scenario enables you to compare this with other investment opportunities.
Pessimistic (inflationary) scenario:
In the same way, assume that the rate of interest is hiked by 1% - 3%. Is it possible for you to continue to pay the EMI without much struggle? Even a 2% increase in rate of interest can result in significant rise in your monthly payment for the entire loan tenure.
Such calculation helps you to plan for such future possibilities. When you take a loan, you are making a financial commitment for next few months, years or decades. So consider the best as well as worst cases...and be ready for both. In short, hope for the best but be prepared for the worst!
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Frequently Asked Questions (FAQs)
View AllWhat Types of Loans Can an EMI Calculator Be Used For?
The EMI calculator can be used to calculate EMIs for multiple loans such as home loans, personal loans, car loans, education loans, or loans against property.
Are the calculators for home, car and personal loans the same?
Yes, typically, the calculator for home, car, and personal loans is the same, as the calculations require the same information: loan amount, interest rate, and tenure. However, some calculators might have restrictions on loan amounts, which can vary with the type of loan.
What happens if I miss an EMI payment?
If you miss an EMI repayment, your financial institution will levy a fee. This will also negatively affect your credit report and credit score.
How do interest rates influence EMI calculations?
The interest rate on your loan has a direct impact on your EMI. While a higher interest rate increases EMI, a lower interest rate reduces EMI.
How does the loan tenure impact the EMI?
A long loan tenure reduces EMI by spreading your repayments across more time. Similarly, in case of a short loan tenure, the EMI will increase.
Why is a loan calculator important?
It is a useful tool to calculate the loan parameters and understand if taking out a loan would be a feasible option.
What happens if you skip your EMI?
Missing an EMI can lead to serious consequences such as a drop in your credit score, late payment penalties, and, in cases of repeated defaults, potential legal action by the lender.
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