Question 1

What is an EMI?

Accepted Answer

EMI (Equated Monthly Instalment) is the fixed amount you pay every month towards a loan, covering both principal and interest. It stays constant for fixed-rate loans across the tenure.

Question 2

How is EMI calculated?

Accepted Answer

EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments. The calculator also shows the total interest you will pay over the tenure.

Question 3

Can I use it for home, car and personal loans?

Accepted Answer

Yes. The formula is identical for all amortised loans — enter the loan amount, interest rate and tenure for a home loan, car loan, personal loan or education loan.

Question 4

Does this calculator store my data?

Accepted Answer

No. All calculations run locally in your browser. Nothing is uploaded, saved or shared.

Frequently asked questions

How to use EMI Calculator

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