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Loan EMI Calculator

Calculate your Equated Monthly Installment (EMI) for any loan amount, interest rate, and tenure.

Monthly EMI

10,746

Total Interest Payable

₹144,768

Total Payment

₹644,768

Understanding Loan EMI Calculations

The Equated Monthly Installment (EMI) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMIs are used to pay off both interest and principal each month so that over a specified number of years, the loan is fully paid off along with interest.

How EMI is Calculated

The mathematical formula to calculate EMI is:

EMI = [P × R × (1+R)^N]/[(1+R)^N-1]

Where:

  • P = Principal loan amount
  • R = Monthly interest rate (Annual rate ÷ 12 ÷ 100)
  • N = Total number of monthly payments (Tenure in years × 12)

Factors Affecting Your EMI

Several factors can influence your EMI amount:

1. Loan Amount

The principal amount borrowed directly impacts your EMI. Higher loan amounts result in higher EMIs if other factors remain constant.

2. Interest Rate

The interest rate has a significant impact on your EMI. Even a small difference in interest rate can substantially change your EMI and total interest payable over the loan tenure.

3. Loan Tenure

Extending your loan tenure reduces your monthly EMI but increases the total interest paid over the life of the loan. Conversely, shortening the tenure increases your EMI but reduces the total interest amount.

Making Smart Loan Decisions

Before taking a loan, consider the following:

  • Assess your repayment capacity based on your monthly income and expenses
  • Compare loan offers from different lenders to get the best interest rate
  • Consider prepayment options if you expect to have additional funds in the future
  • Check for any hidden charges or processing fees that might increase the overall cost
  • Understand the impact of floating vs. fixed interest rates on your EMI

Expert Tip

"When planning for a loan, always ensure that your EMI doesn't exceed 40-50% of your monthly income to maintain financial stability and avoid debt stress."

— Priya Sharma, Financial Advisor

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