Personal Loan EMI Calculator
Personal Loan EMI Calculator computes monthly installments (EMI) using amortization formula. EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ - 1).
Formula
EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ - 1); r = Annual% / 1200
- EMI = fixed monthly payment
- r = monthly rate (annual÷1200)
- Early payments: mostly interest; later: mostly principal
Example
Inputs
- Loan Amount: 100000
- Annual Interest Rate (%): 10
- Loan Tenure (Months): 24
₹100k @ 10% for 24mo: EMI ≈ 4,605; Total interest ≈ 10,515
Frequently asked questions
What is EMI?
Equated Monthly Installment—fixed amount paid monthly to repay a loan
How does amortization work?
Early payments mostly cover interest; later payments mostly cover principal