EMI Calculator for Home Loan, Car Loan & Personal Loan

Plan your monthly instalments better using our loan EMI calculator.

About Loan EMI Calculator

The prerequisite to borrowing any type of loan, secured, or unsecured, is to find out the EMI payable and interest liabilities against it. An EMI calculator is the perfect tool to compute the required values. Available on lending institutions’ official portals and on third-party websites, such calculators derive equated monthly instalments by using just three sets of information.

What is EMI?

EMI stands for Equated Monthly Installment, commonly used in loans like home, car, or personal loans. It comprises principal repayment and interest. Through EMIs, borrowers repay their loan amount over a predetermined period in equal instalments. Each instalment covers a part of the principal amount along with the accrued interest. The interest component decreases over time while the principal component increases. EMIs simplify loan repayment for borrowers by offering a structured repayment schedule. Lenders calculate EMIs based on factors like loan amount, interest rate, and tenure. EMIs provide borrowers with a clear understanding of their monthly financial obligations towards loan repayment.

How to use our EMI calculator?

Follow these steps to calculate EMI using an online EMI calculator:

  • Choose your loan type
  • Enter your preferred loan amount.
  • Input the interest rate offered.
  • Specify the loan tenure in months or years.

The calculator will compute your EMIs within a few seconds. The online EMI calculator also shows the breakdown of the principal and interest amounts while calculating the EMI and the total cost of borrowing.

Formula to calculate EMI amount

Here is the formula to compute your EMIs in advance:

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


P = Principal loan amount,

r = Monthly interest rate (annual rate divided by 12),

n = Total number of payments (loan tenure in months).

This formula computes the fixed monthly payment required to repay a loan amount over a specified period, considering the interest rate. It's used by EMI calculators to estimate repayments accurately.

Factors affecting the due amount

Several factors influence the total amount due in loan repayment, including:

Principal amount: The borrowed sum directly influences the total due, with higher amounts leading to larger repayments. Borrowing more can also impact eligibility for loans or affect the borrower's debt-to-income ratio, potentially influencing future financial decisions such as obtaining additional credit or mortgages.

Interest rate: Lender-set rates notably impact the total amount due, with higher rates elevating interest portions of payments. Understanding the difference between fixed and variable interest rates is crucial, as changes in rates can affect repayment amounts, impacting the borrower's ability to manage finances effectively and potentially leading to financial strain.

Loan tenure: The duration affects the total due, with longer tenures potentially lowering monthly payments but increasing overall interest, resulting in a higher total due. Choosing an appropriate tenure involves balancing affordability with the desire to minimize interest payments, necessitating careful consideration of financial goals and constraints.

EMI frequency: Payment frequency (monthly, quarterly, etc.) affects the total due. Opting for more frequent payments may reduce interest costs over time, but it's essential to ensure consistency with cash flow and budgeting. Aligning EMI frequency with income receipt patterns can optimize repayment strategies and enhance financial stability throughout the loan term.

Prepayments: Extra payments toward the principal lessen the total due by reducing the outstanding balance and subsequent interest. Leveraging windfalls or surplus income for prepayments can accelerate debt repayment, saving on interest costs and potentially shortening the loan tenure, providing financial freedom and peace of mind sooner.

Different types of EMI calculators

Below are the different types of EMI calculators provided by lenders online, which will help you in planning your finances better:

  • Personal loan EMI calculator: The EMI calculator for personal loan helps individuals compute monthly repayments for personal loans, crucial for effective financial planning and budgeting, ensuring borrowers can manage their finances responsibly and meet their repayment obligations on time, thus avoiding any financial strain or default.
  • Home loan EMI calculator: Essential for prospective homeowners, this calculator estimates monthly mortgage payments, enabling them to assess affordability accurately and plan their property purchase wisely, ensuring they can comfortably manage their loan repayments alongside other expenses.
  • Car loan EMI calculator: Tailored for car loans, this easy EMI calculator computes monthly repayments, assisting individuals in budgeting for their vehicle purchase and ensuring they select a loan option that aligns with their financial capabilities and preferences, thereby facilitating a smooth and informed car buying process.
  • Business loan EMI calculator: Vital for entrepreneurs and businesses, this calculator calculates monthly payments for various business loans, enabling effective financial planning and management, ensuring businesses can sustainably manage their cash flow and allocate resources efficiently to support their growth and expansion endeavours.
  • Doctor loan EMI calculator: Specifically designed to support medical professionals, this calculator generates repayment schedules for loans tailored to their unique financial requirements, assisting in effective financial management, allowing doctors to focus on their practice without worrying about the complexities of loan repayments, thus promoting financial stability and peace of mind.
  • Loan against securities EMI calculator: Designed for customers seeking loans backed by financial assets, this EMI calculator online helps determine EMI payments, offering clarity on repayment schedules and financial commitments. By providing accurate repayment estimates, it empowers borrowers to plan their finances effectively, ensuring they can manage their loan obligations without undue stress or uncertainty, thus facilitating a transparent and informed borrowing experience.

Benefits of using an online loan EMI calculator

Using an EMI calculator online provides numerous advantages:

  • Instant results: An EMI calculator swiftly computes equated monthly instalments (EMIs), offering immediate insights into repayment amounts, allowing borrowers to quickly assess the affordability of their loans and make informed financial decisions without delay. This saves time and provides clarity in managing finances effectively, enhancing overall financial literacy.
  • Convenient access: Accessible 24/7 from any location with internet connectivity, these calculators empower users to plan their finances at their convenience, eliminating the need for visits to financial institutions and enabling efficient financial management on-the-go. This flexibility accommodates busy schedules and promotes proactive financial planning and decision-making.
  • Accurate estimates: By automating complex calculations, easy EMI calculator minimises errors and ensure precise repayment estimations, providing borrowers with reliable financial projections and helping them plan their budgets effectively with confidence. This instils trust in financial decisions and prevents potential discrepancies in loan repayment planning.
  • Comparison capabilities: These calculators facilitate side-by-side comparison of EMIs for different loan amounts, tenures, and interest rates, enabling borrowers to evaluate multiple loan options easily and choose the most suitable one that aligns with their financial goals and capabilities. This empowers borrowers to make informed decisions, optimizing loan selection based on their specific needs and preferences.
  • Financial planning assistance: With the ability to forecast future loan repayments, online loan EMI calculators empower borrowers to plan their finances proactively, aiding in budgeting and ensuring affordability over the loan tenure, thereby promoting financial stability and responsible borrowing practices. This proactive approach fosters long-term financial health and mitigates risks associated with loan repayment challenges.

Different types of EMI calculators

Below are the different types of EMI calculators provided by lenders online, which will help you in planning your finances better:

  • Personal loan EMI calculator: The EMI calculator for personal loan aids individuals in determining monthly repayments for personal loans, facilitating financial planning and budgeting.
  • Home loan EMI calculator: Essential for potential homeowners, estimates monthly mortgage payments, aiding in affordability assessment and property purchase planning.
  • Car loan EMI calculator: Specifically tailored for car loans, calculates monthly repayments, assisting in vehicle purchase budgeting and planning.
  • Business loan EMI calculator: Essential for entrepreneurs and businesses, calculates monthly payments for various business loans, aiding in financial planning and management.
  • Doctor loan EMI calculator: Supports medical professionals by generating payback schedules for loans tailored to their unique financial needs, aiding in financial management.
  • Loan against securities EMI calculator: Assists customers in determining EMI payments for loans backed by financial assets, providing clarity on repayment schedules and financial commitments.

Benefits of using an online loan EMI calculator

Using an online loan EMI calculator provides numerous advantages:

  • Instant results: Calculates equated monthly instalments (EMIs) swiftly, offering immediate insights into repayment amounts.
  • Convenience: Accessible 24/7 from anywhere with internet connectivity, enabling users to plan finances at their convenience.
  • Accuracy: Minimizes errors by automating complex calculations, and ensuring precise repayment estimations.
  • Comparison: Facilitates side-by-side comparison of EMIs for various loan amounts, tenures, and interest rates, aiding in decision-making.
  • Financial planning: Empowers users to forecast future loan repayments, assisting in budgeting and ensuring affordability over the loan tenure. These calculators offer indispensable tools for borrowers to make informed financial decisions while saving time and effort.


Results generated by the calculator(s) are indicative in nature. The interest rate applied on the loan will depend on the prevailing rates at the time of loan booking.

The calculator(s) is not intended to provide its users/ customers with results that are either certified by Bajaj Finance Limited (“BFL”) or are an obligation, assurance, warranty, undertaking or commitment, financial and professional advice by BFL, under any circumstances. The calculator(s) is only a tool that assists the users/ customers arrive at the results of various illustrative scenarios generated from data input by the user/ customer. The use of the calculator is entirely at the risk of the user/ customer, BFL is not responsible for any reason, for any errors in any outcome resulting from the use of the calculator.

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Frequently asked questions

What is an EMI?

EMI stands for equated monthly instalments. It is the monthly amount that you will have to pay when opting for any type of loan. The entire loan amount, along with interest liabilities, is broken down into smaller monthly sums. Knowing the EMI due and interest obligations associated with any loan, secured or unsecured, is a must before borrowing. The tenure, principal, and interest rate charged are crucial parameters for EMI computation. To calculate the necessary values, a monthly EMI calculator is the ideal device. Besides EMI and interest outgo, EMI calculators also estimate the amortisation schedule for a loan.

How to calculate loan EMI?

The EMI calculation formula to calculate loan EMI is as follows:
EMI = P x R x (1+R)^N / [(1+R)^N-1], where P is the principal, R is the rate of interest, and N is the tenure.

Enter the principal, tenure, and rate of interest to calculate the EMIs payable, and total interest payable and get a detailed amortisation schedule.

What is the amortisation schedule?

The amortisation schedule is a table or a schedule that shows how the loan's principal and interest are split up each month over the tenure of the loan.

What are the factors affecting your personal loan due amount?

The following factors influence your personal loan due amount:

  • Tenure of the loan - A loan’s tenure can be reduced or extended at the borrower's choice. When you choose a longer tenure, your EMIs will be lower and, vice versa.
  • Rate of interest – The interest rate is an important consideration when calculating your personal loan EMIs. A reduced interest rate can help in keeping the repayment low.
  • Loan amount – The amount of the loan is a major factor in determining your monthly EMIs. When you choose a larger loan amount, your EMIs will be higher, and conversely, EMIs will be low when you borrow a lower amount.
What happens if I fail to make an EMI payment?

Failing to make an EMI payment can result in incurring late fees, and a negative impact on your credit score. Utilising online EMI calculators or monthly EMI calculators prior to making a purchase can prevent this. They will help you plan repayments effectively, ensuring you make timely payments and maintain financial stability.

What is the EMI for a loan of Rs. 5 lakh?

The interest rate and loan tenure you choose will determine the EMI for a loan of Rs. 5 lakh. You can make use of our personal loan EMI calculator to find a monthly instalment and tenure that works for you. Simply enter your preferred loan amount, interest rate, and loan tenure to receive an estimated EMI calculation based on your selections.

How to calculate my EMI for 2 years?

The loan amount and interest rate you choose will determine the EMI for a period of two years. You can benefit from our online EMI calculator and obtain precise results. Simply input your desired loan amount, interest rate, and loan tenure into the monthly EMI calculator to obtain an estimated EMI based on your preferences.

Can I calculate EMI for all types of loans with the online EMI calculator?

Yes. you can compute your monthly EMIs for various types of loans using an online loan EMI calculator. Using an EMI calculator is simple. Use the slider to select the loan amount you wish to borrow, the repayment term and the loan interest rate quoted. Once you have selected these three inputs, your EMI will be displayed on the screen.

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