EMI Calculator

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EMI is an acronym for Equated Monthly Instalment. EMIs are a fixed monthly amount that the borrower pays to the bank to pay off any type of loan. You may need loan services for many reasons. You could apply for a personal loan to meet the upcoming expenses of a holiday or for an emergency, a car loan for purchasing a new set of wheels, or a long-term loan to purchase a home.
Depending on your requirement, you can avail of a loan and pay off the amount through EMIs. Equated Monthly Instalments provide a systematic, consistent way to repay the principal and interest amount to the lender.


A monthly EMI calculator in India requires you to input primary details such as the loan amount, loan tenure, and the proffered rate of interest on the loan. The loan EMI calculator uses these details and the EMI calculation formula to give you the exact EMI amount you would be required to pay when the total payable interest is factored in. Since the EMI calculation formula remains the same for all types of loans, you do not need different types of EMI calculators. Whether you are looking for a home loan EMI calculator, personal loan calculator, or a car loan EMI calculator, IndiaFirst Life's free monthly EMI calculator in India is all you need to do the math for you.


A loan EMI calculator offers you an easy way to get the correct details and figures before you take a loan.

It gives you quick results

Within a few seconds, you are privy to the EMI amount to be paid, the total interest amount that is payable on the loan, as well as the total amount you will be liable to pay at the end of loan tenure (principal amount + interest).

It helps you decide whether an EMI is affordable

With an easy-to-use EMI interest calculator, you can change the tenure of the loan or the principal amount you are looking for to see how the EMIs change. An EMI amount calculator helps you figure out how much of a loan you can afford based on the EMI formula.

It helps in loan shopping and financial planning

An EMI interest calculator is an intelligent tool to use when you are shopping for a loan. Since you can change the interest rates to see how your EMIs are affected, you can make a cost comparison of loans from multiple banks to find one that suits you the best. Whether you are using IndiaFirst Life's loan EMI calculator as a home loan calculator, personal loan EMI calculator, or car loan calculator, the EMI calculation formula remains the same, ensuring that you get accurate figures every time.

It saves the need for using the EMI calculation formula manually

The EMI calculation formula is devised to ensure that you pay off more interest and less principal during the initial years of the loan tenure. As you begin paying EMIs and repaying the loan, this balance is slowly reversed so that a more significant portion of the EMI is diverted to paying off the principal component.

With a loan EMI calculator, you do not need to do any of this math manually—all you need to know is how to use EMI calculator to get what you need. The EMI amount calculator and EMI calculation formula do the work for you.


EMI calculators are tools that work on an inbuilt EMI calculation formula. The EMI formula is:

EMI = P X R X (1 + R)N/((1 + R)N - 1)

  • WHERE,

An EMI calculator in India requires you to input these simple details and sit back to let the EMI calculation formula work for you. An online EMI amount calculator helps you determine the EMI amount you would be paying to borrow a specific loan amount, for a fixed number of years, at an interest rate specified by the lender.


There are many different types of EMI calculators customized to give you specific details. While the overall EMI calculation formula or EMI formula remains the same, different types of EMI calculators might cap the loan amount differently.

  1. Home Loan EMI Calculator: With a home loan calculator, you can use the EMI formula to determine your home loan EMI.

  2. Personal Loan EMI Calculator: Personal loans are unsecured loans. You must know precisely what financial situation you will be getting yourself into. A personal loan calculator can help you make an informed decision.

  3. Car Loan EMI Calculator: Vehicles are a necessity for most people. A car loan calculator helps you understand what a vehicle would cost you in total (principal cost and interest).

  4. Floating and flat EMI interest rate calculator: Depending on the loan you have chosen, you will either have a floating interest rate or a fixed one. With IndiaFirst Life's EMI interest rate calculator, you can stay on top of exactly how much you owe as the interest rate changes.


1) How is car EMI calculated?

A car loan is a secured loan that you can take from a financial institution or bank to buy a vehicle. A car loan EMI calculation formula is the same as that used in different types of EMI calculators. EMI = [P x r (1+r) n] / [(1+r) n-1] where P = principal/loan amount, r = interest rate, and n = loan tenure in months. Use a car loan EMI calculator to apply the EMI formula and determine how much you need to repay the lender every month.

2) What is the impact of part payments on your EMI?

While a loan is a handy financial tool, most people want to be free of debt as soon as possible. If being debt-free is your primary goal, you have the option of making partial payments on the loan. You may choose to prepay your loan partially or fully. By partially prepaying your loan, you can reduce the future EMI installment amounts to be paid. Note: Banks may have a prepayment penalty or a fixed number of years after taking the loan, during which prepayment is not allowed. Check with your bank and use a car loan EMI calculator to understand how your EMIs will change after prepaying the loan amount partially.

3) What happens if you miss your EMI payment?

One of the benefits of using a monthly EMI calculator is that you know in advance how much money needs to be budgeted towards loan repayment every month. Missing or skipping an EMI is not suitable for your financial health. Your credit score is likely to take a hit, and your bank will charge a substantial late payment fee. Defaulting on your EMI could also result in heftier EMIs in the future. Plan your finances with an EMI calculator in India so you do not miss payments.

4) When and how do I pay EMIs?

Once a loan is disbursed, EMIs or equated monthly installments are due on a specific date of every month. In most cases, the EMI is auto-debited from your account to the lender. You may be required to turn in a bunch of post-dated cheques to cover EMI payments. Use a monthly EMI calculator to ensure that the installment amounts are affordable for you before signing on the dotted line.

5) What happens if the interest rate goes up or down during the tenure of your loan?

In a fixed-rate loan, the interest rate remains fixed throughout the tenure of the loan. In the case of a floating rate loan, your interest rate can go up and down during the loan tenure as the rate is dependent on market rates. Most banks ensure that the EMI to be paid remains the same even when the interest rate changes. When the rate increases, the EMI formula allocates a more significant portion of the EMI towards interest payments. When the rate decreases, a higher amount is dedicated to the principal.

6) What are the advantages of using a home loan EMI calculator?

A home loan calculator shows you the loan amount, the interest rate to be paid, total cost of purchase, interest, and monthly repayment or EMI amount. A home loan EMI calculator makes using the EMI calculation formula easy and quick for you. Once you see the EMI amount, you can manipulate the tenure to make the repayment comfortable for you. With a home loan calculator, you can bank on accurate EMI formula calculations, making it easier to compare loan offers and choose the best one for you. If you decide to make part payments on your loan, a home loan EMI calculator can show you how prepayment will affect your loan.

7) How are the principal and the interest due paid through EMIs?

EMI has two main components—principal and interest. At the start of the loan tenure, most of the EMI is diverted towards paying off the interest amount, while the rest is used to pay off the principal amount. As the term progresses, more and more of your EMI is directed towards principal payment till you finish repaying the loan.

8) How does the payment of EMI towards your home loan reduce your tax liability?

Owning your home is a dream come true. However, it is a capital expense, and a home loan is a liability you sign up for so you can make the purchase. The Indian government has created several avenues for homeowners to earn tax deductions and exemptions. A home loan is eligible to earn Section 80C deductions to reduce your tax liabilities.

1) Home loan EMI interest payments can be claimed under Section 24 of the IT Act of India

2) You can claim a deduction on home loan interest paid during pre-construction

3) Under Section 80C, you can avail of a tax deduction of up to Rs. 1.5 lakhs on principal repayment

4) You can claim Section 80C deductions for stamp duty and registration expenses

5) You can claim additional deductions under Section 80EE (up to Rs. 50,000) and Section 80EEA (up to Rs. 1.5 lakhs).

6) Co-owners of a home can both claim deductions in their individual income tax returns

9) How is EMI calculated on a home loan?

Home loan EMI calculators use a fixed EMI calculation formula to determine how much you owe to the lender every month. Home loan EMI calculators require the principal amount or amount borrowed as loan, loan tenure in months, and monthly rate of interest to compute the repayment schedule. You can use the EMI calculation formula to determine your home loan EMI dues. Manual calculations tend to be time-consuming and prone to human error. With the IndiaFirst Life loan EMI calculator, you have the expertise of an automated home loan EMI calculator in your corner.

10) What are the advantages of a personal loan EMI calculator?

A personal loan is one of India's most popular loan products because it is an unsecured and collateral-free loan. Using a personal loan EMI calculator offers you many advantages:

You can ensure that the EMI amount you sign up for is something that you can pay off comfortably.

A personal loan EMI calculator helps you experiment with various loan amounts, tenures, and interest rates to see how these factors affect your personal loan payments.

Save your time and energy by computing EMIs with the help of a personal loan calculator, which gives you accurate results in a few seconds.

11) What is a personal loan amortization schedule?

Amortisation is the financial process of breaking a loan down into an array of fixed payments till the payment schedule ends and the loan is paid off in full. A personal loan amortization schedule is a table that enlists how much EMI needs to be paid every month and how much of each EMI is directed towards interest and principal repayment. When you use a personal loan EMI calculator, you get access to a personal loan amortization schedule that lists scheduled payments, principal repayment, and interest expenses.

12) How to reduce your personal loan EMI?

There are several ways you can reduce your personal loan EMI.

You could increase the tenure of the loan. The term of a personal loan is inversely related to the EMI amount, i.e., a longer tenure necessitates a smaller EMI payment as the repayment schedule is spread out across a more extended period.

Opt for a step-down EMI payment schedule. In such a schedule, you pay a larger EMI amount during the initial period.

You can reduce your personal loan EMI by negotiating with the current lender or switching to a lender who is offering you a lower interest rate.

13) What are the advantages of a car loan EMI calculator?

A car loan EMI calculator is a handy tool to help you understand how much you will end up paying for a car, for how long, and at what rate. Use a car loan calculator to make the EMI formula calculation process faster, easier, and provenly accurate. A car loan EMI calculator helps you plan your budget and break down the actual amount you need to pay towards your car loan.

14) Does the loan tenure affect my EMI for a car loan?

The loan tenure and EMI amount are inversely proportional to each other. So, the longer the tenure of the car loan, the lower the EMI amount will be. Conversely, a shorter loan tenure would mean higher EMIs. It is essential to note that the EMI comprises principal and interest payments. A longer tenure would increase the amount you need to pay towards the interest component of the EMI. A car loan EMI calculator gives you this breakdown so you can make the best choice for yourself.

15) How can a Personal Loan EMI calculator help determine the loan selection?

A personal loan EMI calculator helps you compare loans from different lenders and financial institutions. Every bank charges a different interest rate, and loan tenures also vary depending on the lending institution. A personal loan EMI calculator requires you to enter the loan amount, tenure in months, and monthly interest rate to determine your EMI outgoing. By comparing the loan options available to you with the help of a personal loan calculator, you can select one that offers the most affordable interest rates and EMI repayment schedule.

16)Is the car loan EMI fixed, or can it change in the future?

Depending on the loan you need and the lender offering it to you, your loan could have a floating or fixed interest rate. Typically, auto loans come with a fixed rate of interest that remains the same throughout the car loan tenure. Some banks and institutions offer a floating rate of interest that is affected by market fluctuations, which affects how much of your EMI goes towards the principal and interest repayment. Even when the interest rate is a floating one, your EMI allocation changes but the car loan EMI amount is likely to remain fixed.