An EMI (Equated Monthly Installment) Calculator helps you determine the fixed monthly amount you'll need to pay to repay a loan over a specified tenure. It works for home loans, car loans, personal loans, and education loans.
EMI is calculated using: EMI = P × r × (1+r)^n / [(1+r)^n – 1], where P = Principal loan amount, r = Monthly interest rate (annual rate ÷ 12 ÷ 100), and n = Total number of monthly installments.
Make a larger down payment to reduce the principal. Compare interest rates across banks and NBFCs. Consider prepaying or making part-payments when you have surplus funds. Opt for a shorter tenure if affordable — you'll save significantly on interest.