Loan EMI Calculator
Amortization Schedule
| Payment # | EMI (₹) | Principal (₹) | Interest (₹) | Balance (₹) |
|---|
1. What is a Loan EMI
EMI (Equated Monthly Installment) is the fixed amount a borrower pays every month to the lender until the loan is fully repaid. It includes both the principal and the interest.
2. How is EMI calculated
EMI = [P × R × (1 + R)^N] / [(1 + R)^N – 1]
P = Loan amount, R = Monthly interest rate, N = Tenure in months.
3. Why should I use a Loan EMI Calculator
It helps you plan your budget, compare loan options, and avoid over-borrowing by showing your monthly installment and total cost.
4. Can I reduce my EMI amount
Yes, by choosing a longer tenure, negotiating a lower interest rate, or making a higher down payment.
5. Does the EMI change during the loan tenure
It remains fixed for fixed-rate loans. For floating-rate loans, the EMI may increase or decrease based on market rates.
6. Is there any penalty for paying off a loan early
Some lenders charge a prepayment penalty, especially on fixed-rate loans. Always check the terms before prepaying.
7. Is the Loan EMI Calculator free to use
Yes, it’s 100% free, requires no registration, and provides instant EMI calculations online.
8. Which types of loans can I calculate EMI for
You can calculate EMIs for home, personal, car, education, business, and gold loans.