EMI stands for Equated Monthly Instalment. It is the fixed amount you pay every month toward repaying a loan. An EMI generally includes both the principal amount and interest.

EMI is calculated using the loan amount, interest rate, and loan tenure. The standard formula is:

EMI = P × R × (1 + R)ⁿ / [(1 + R)ⁿ − 1]

Where:

P = Loan principal amount
R = Monthly interest rate
N = Number of monthly instalments

You typically need three details:

Loan Amount
Interest Rate
Loan Tenure

Enter these values into the EMI calculator to estimate your monthly payment.

Yes. You can use an EMI calculator to estimate monthly payments for home loans, personal loans, car loans, education loans, and other amortizing loans.

Yes. Enter your car loan amount, applicable interest rate, and loan tenure to calculate an estimated monthly EMI.

Generally, yes. A longer tenure usually results in a lower monthly EMI, but you may pay more total interest over the life of the loan.

Yes. If the loan amount and tenure remain the same, a higher interest rate generally results in a higher EMI and higher total interest payable.

EMI is the amount you pay each month. Total interest is the overall interest paid to the lender during the loan tenure.

Yes. You can change the loan amount, interest rate, or tenure to compare different scenarios and understand how they affect your monthly EMI and total repayment.