EMI Calculator

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MONTHS
%
Yearly/monthly repayment schedule
2024
MonthBeginning balanceEMIPrincipalInterestEnding Balance
Mar20,00,00068,35545,02223,33319,54,978
Apr19,54,97868,35545,54722,80819,09,431
May19,09,43168,35546,07922,27718,63,352
Jun18,63,35268,35546,61621,73918,16,736
Jul18,16,73668,35547,16021,19517,69,576
Aug17,69,57668,35547,71020,64517,21,866
Sep17,21,86668,35548,26720,08816,73,599
Oct16,73,59968,35548,83019,52516,24,769
Nov16,24,76968,35549,40018,95615,75,369
Dec15,75,36968,35549,97618,37915,25,393
2025
MonthBeginning balanceEMIPrincipalInterestEnding Balance
Jan15,25,39368,35550,55917,79614,74,834
Feb14,74,83468,35551,14917,20614,23,685
Mar14,23,68568,35551,74616,61013,71,939
Apr13,71,93968,35552,34916,00613,19,590
May13,19,59068,35552,96015,39512,66,630
Jun12,66,63068,35553,57814,77712,13,052
Jul12,13,05268,35554,20314,15211,58,849
Aug11,58,84968,35554,83513,52011,04,014
Sep11,04,01468,35555,47512,88010,48,539
Oct10,48,53968,35556,12212,2339,92,417
Nov9,92,41768,35556,77711,5789,35,640
Dec9,35,64068,35557,43910,9168,78,201
2026
MonthBeginning balanceEMIPrincipalInterestEnding Balance
Jan8,78,20168,35558,11010,2468,20,091
Feb8,20,09168,35558,7889,5687,61,303
Mar7,61,30368,35559,4738,8827,01,830
Apr7,01,83068,35560,1678,1886,41,663
May6,41,66368,35560,8697,4865,80,794
Jun5,80,79468,35561,5796,7765,19,215
Jul5,19,21568,35562,2986,0584,56,917
Aug4,56,91768,35563,0255,3313,93,892
Sep3,93,89268,35563,7604,5953,30,132
Oct3,30,13268,35564,5043,8522,65,628
Nov2,65,62868,35565,2563,0992,00,372
Dec2,00,37268,35566,0182,3381,34,354
2027
MonthBeginning balanceEMIPrincipalInterestEnding Balance
Jan1,34,35468,35566,7881,56767,566
Feb67,56668,35567,5677880
EMI payable
Total Interest
Payable amount

EMI Calculator – Calculate Loan EMI in 3 Easy Steps. Use our EMI calculator to estimate your Home Loan EMI and also analyse interest and outstanding principal repayment.

How to use this EMI Calculator?

  • Use the slider for Selecting Loan Amount
  • Select the Loan tenure in Months using slider
  • Move the slider and select the Interest Rate
  • Recalculate your EMI anytime by changing the input sliders

What is an EMI?

EMI or equated monthly instalment is the fixed payment that is made by the borrower to the lender. EMIs pay back both the principal and the interest for each month, and the loan is fully repaid within a specified number of years. Here, the borrower could be you, and the lender could be the bank that has given you the loan.

Take, for example, you have borrowed some money from your friend, but you are not able to return the entire amount in a single attempt. You both then decide that you would pay back a part of the amount every month, over a period at a specific interest rate, until you pay him back in full. This is nothing but Equated Monthly Instalment or EMI.

What is an EMI Calculator?

An EMI Calculator is a utility tool, which helps you to calculate the amount you repay each month towards your loan. You can use the EMI calculator and calculate the EMI amount on a car loan, home loan, bike loan, or a personal loan. You get an idea of the monthly repayments you make towards these loans.

The EMI calculator has three sliders in a box with the loan amount, number of months, and the interest rate. After you fill-up the details using the slider, the EMI calculator shows how much you must pay off each month, to repay the loan within the duration you have selected.

How Does the EMI Calculator Work?

An EMI calculator is a handy tool that calculates the monthly amount payable to the lender, according to the following mathematical formula.

EMI = [P x R x (1+R)^N]/[(1+R)^N-1];

where, P, R, and N are the variables, which means the EMI value will change each time you change any of the three variables.

Let’s discuss these three variables in detail.

‘P’ denotes the ‘Principal Amount’. This is the original amount lent to you by the bank/lender. The loan amount will depend on your need and the purpose of the loan. The higher the loan amount, the higher will be the EMI that you pay for the loan.

R represents the ‘Rate of Interest’. This is the rate at which interest is charged on the principal loan amount. The interest rate will vary according to the type of loan taken and the lender (bank) from which you are taking the loan. The rate of interest has a direct bearing on your EMI amount; hence, it is important to compare interest rates across banks before opting for a loan.

N indicates the number of years for which the loan has been taken. This period is known as the tenure. The tenure of a loan refers to the total period given for the repayment of the loan. As the repayment is made every month, the tenure is calculated in months and not years. So, a term of two years is equal to 24 months, and so on.

Take this example to understand how the EMI calculator works. You have borrowed Rs 1 lakh for two years at an interest rate of 10%.

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

P = Rs 1,00,000. R = 10/100/12 (convert to months) and N = 2 years or 24 months.

EMI = [1,00,000 * 0.00833 * (1+0.00833)^24]/(1+0.0083)^24 – 1]

EMI = Rs 4,615.

How to Use the ClearTax EMI Loan Calculator?

The ClearTax EMI Calculator is an easy-to-use tool.

  1. Visit the ClearTaxInvest page and pick the EMI Calculator from the option of financial tools.
  2. You will be asked to input the following details: Principal amount, the rate of interest, and the tenure.
  3. Once you enter the three components, the EMI calculator will generate the EMI amount you must pay.
  4. You may try different parameters as well to find an EMI option that best suits your financial goals.

Advantages of Using the ClearTax EMI Loan Calculator

Even before you apply for a loan, you must know if you are eligible for the loan. This can be done with the help of an EMI calculator. Calculating your EMIs will help you prepare to make the EMI payments on time. The other benefits of the EMI calculator include:

Accessibility: You can use the EMI calculator anytime, anywhere, and make your budget calculations.

Financial Planning: EMI calculations must be done even before you start applying for your loan. An EMI calculator can help you with this.

Types of EMI Calculators

There are different types of EMI calculators, depending on the loans you plan to take.

Home Loan EMI Calculator

Home loans are one of the most common bank loans taken each year. They usually tend to have a large principal and a longer tenure. This is why it is essential to do all your calculations, well before you take a home loan. Our easy-to-use home loan EMI calculator will let you know how much EMI you must pay for the loan amount so that you can have your finances in order before approaching the bank.

Car Loan EMI Calculator

Before buying your dream car, be sure to run the numbers through our car loan EMI calculator. There are many loan schemes available in the market for buying cars, which are quite tempting. However, it is important to remember that if you are unable to pay your car loan amount in full, the bank could repossess your vehicle.

Personal Loan EMI Calculator

Personal loans have become relatively common these days. You get a personal loan for going on a vacation or renovating your house from various banks. We can help you estimate your loan details regarding how much EMI you’ll have to pay to the banks. It is quick and easy with our personal loan EMI calculator

Education Loan EMI calculator

The cost of education is on the rise each year, and if you are planning to send your child for higher education, you may need an education loan. Generally, these loans come with a moratorium period, so that you can start paying off the loan only after the education is complete. You can use our education loan EMI calculator to find out the EMI amount you will have to pay for this loan.

Loan Against Property EMI Calculator

If you have any residential or commercial property or land registered under your name, you can use this as collateral to obtain a loan against property (LAP). These are secured loans, where you pledge the property as security. You can use our Loan Against Property EMI Calculator, to understand how the EMI scheme works.

What is the Loan Amortisation Schedule?

An amortised loan is designed to allow the borrower to pay off the loan in full over a certain time, in equal monthly instalments. Now, the EMI that you pay against the loan you have taken is made up of two parts:

  • The bank charges an interest part.
  • A principal part is used to repay the original loan amount.

As you keep paying your EMIs, the original principal amount keeps reducing. Over time, the interest on the loan amount decreases and the principal part of your EMI increases. At the end of the tenure, you would have paid off the principal amount in full.

A Loan Amortization Schedule keeps track of this EMI breakup, so you know exactly what portion of your EMI has been used for paying interest and what is used to reduce the principal. This schedule can be very useful in understanding the prepayment of loans and for refinancing if required.

Factors Affecting Loan EMI

Several factors affect EMI calculation. As the EMI depends on the principal amount, tenure, and rate of interest, any change in these variables can result in a change in the EMI amount.

Change in interest rate: Loan interest rates can be fixed, floating, or hybrid. In case of a fixed interest rate, the rate remains the same over the loan period. A floating interest rate is linked to the MCLR (Marginal Cost of Funds Based Lending Rate) and can change multiple times over the loan period. This may change the EMI calculation for your loan. A loan with a hybrid interest rate has a fixed interest rate for a particular duration, after which the MCLR decides the interest rate. The EMI can change even for such loans.

Change in tenure: If you change banks and carry over your loan to the new bank, the tenure of your loan may change in some cases. This will affect your EMI calculation. The EMI can decrease if the tenure increases and vice versa.

Prepayment of loan: If you prepay your loan, the prepayment amount will be deducted from the original principal, effectively reducing your loan amount. If the tenure remains the same, the EMI can either decrease or stay the same. In the latter scenario, the portion of the EMI used for repaying the principal will increase, as the effective interest would be lower than the original calculation.

     

 

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