Calculate your monthly loan payments and plan your finances. Free and fast.
Equated Monthly Installment (EMI) is calculated using a standard mathematical formula that accounts for compounding interest over the tenure:
Where:
• P: Principal loan amount.
• r: Monthly interest rate (Annual interest rate / 12 / 100).
• n: Loan tenure in months.
Follow these simple steps to estimate your monthly payouts and budget accordingly:
| Repayment Type | Monthly Payout Behaviour | Best For |
|---|---|---|
| Standard EMI | Remains flat/constant throughout the loan term. | Salaried individuals seeking predictable budgeting. |
| Step-Up EMI | Starts lower and increases as your income grows. | Young professionals expecting quick career growth. |
| Balloon Repayment | Lower monthly EMIs with a large lump-sum payment at the end. | Businesses expecting future capital injections. |
A longer tenure lowers your monthly payment but increases the overall interest paid over the life of the loan. A shorter tenure increases monthly payments but saves interest cost.
Yes, if you choose a floating rate, banks will adjust either the tenure or the EMI amount when benchmark lending rates (like Repo Rate or MCLR) are revised.
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