EMI Calculator
Calculate monthly EMI for home loan, car loan, and personal loan. Get full amortization breakdown instantly.
| Year | EMI Paid | Principal | Interest | Balance |
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* Rates shown are indicative as of April 2026 and sourced from publicly available bank websites. Actual rates may vary based on your credit score, loan amount, tenure, and lender policy. FinKit is not affiliated with any bank. Always confirm the current rate directly with your lender before applying. Source: RBI / individual bank websites.
How does the EMI Calculator work?
EMI (Equated Monthly Instalment) is the fixed amount you pay your bank every month to repay your loan. It includes both the principal repayment and the interest charge. The formula used is:
EMI = P × R × (1+R)^N / ((1+R)^N − 1)
Where P = Principal loan amount, R = Monthly interest rate (annual rate ÷ 12), N = Tenure in months.
What is an amortization schedule?
An amortization schedule shows how each EMI payment is split between principal and interest over the loan tenure. In the early years, most of your EMI goes toward interest. As the loan matures, more of each payment reduces the principal.
How can I reduce my EMI?
You can reduce your EMI by increasing the loan tenure, making a larger down payment to reduce the principal, negotiating a lower interest rate, or making part-prepayments to reduce the outstanding balance.
⚖ Disclaimer
This EMI calculator is for informational and educational purposes only. Results are estimates based on inputs provided. FinKit does not provide financial or loan advisory services. Actual EMI, interest rates, processing fees, and total repayment may vary by lender. Always verify figures directly with your bank or financial institution before making any financial decisions. FinKit does not store any data you enter. Source: RBI guidelines on lending.