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EMI Calculator
Monthly EMI ₹0
Total interest ₹0
Total payment ₹0
What is an EMI Calculator?
An EMI (Equated Monthly Installment) calculator helps you understand how much you will pay monthly when you take a loan. It factors in the loan amount, interest rate, and repayment tenure to compute the monthly outflow and total interest.
Why Use an EMI Calculator?
- 📅 Plan your monthly budget efficiently before taking a loan
- 📊 Compare EMIs across different loan amounts and banks
- 💡 Understand total repayment and interest burden
- 🧠Make informed borrowing decisions with full clarity
Frequently Asked Questions (FAQs)
EMI is calculated using the formula: EMI = [P × r × (1 + r)^n] / [(1 + r)^n – 1], where P is the loan amount, r is monthly interest rate, and n is number of EMIs.
Yes, most lenders allow partial or full prepayment. It may reduce your EMI or tenure, but check for any prepayment charges.
For fixed-rate loans, EMI remains constant. However, for floating-rate loans, EMI may change with interest rate fluctuations.