Instant EMI Calculation • Personal • Car • Education Loans
EMI Calculator — Monthly Loan Installment
Calculate your loan EMI instantly. Enter loan amount, interest rate, and tenure to see your monthly payment, total interest, and repayment breakdown.
Calculate Your EMI
Monthly EMI
Principal Amount
Total Interest Payable
Total Amount Payable
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How is EMI Calculated?
EMI (Equated Monthly Instalment) is calculated using the formula: EMI = P × r × (1+r)⊃n / ((1+r)⊃n − 1), where P is the principal, r is the monthly interest rate, and n is the number of months.
Types of Loans and Typical Interest Rates (2024)
| Loan Type | Typical Rate | Max Tenure |
|---|---|---|
| Personal Loan | 10.5% – 24% | 5 years |
| Car Loan | 8.5% – 15% | 7 years |
| Education Loan | 8% – 15% | 15 years |
| Home Loan | 8.3% – 11% | 30 years |
Tips to Reduce EMI Burden
- Make a larger down payment to reduce the principal
- Opt for longer tenure (reduces EMI but increases total interest)
- Negotiate a lower interest rate or do a balance transfer
- Make part-prepayments when you have surplus cash
Need help choosing the right loan product? Talk to our financial advisor at FinLegit — free consultation.