Calculate your monthly EMI for personal loans, car loans, home loans, and more. Get detailed breakdown of principal, interest, and total payment with our free EMI calculator.
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Scenario: You want to buy a car worth ₹8,00,000 and need a car loan. The bank offers you a loan at 9.5% interest rate for 5 years. Using this EMI calculator, you can find that your monthly EMI would be ₹16,780, total interest ₹2,06,800, and total payment ₹10,06,800. This helps you plan your monthly budget and understand the total cost of the loan.
EMI stands for Equated Monthly Installment. It's the fixed monthly payment you make to repay a loan, which includes both principal and interest amounts.
EMI is calculated using the formula: EMI = P × r × (1 + r)^n / ((1 + r)^n - 1), where P is principal amount, r is monthly interest rate, and n is total number of months.
EMI amount depends on three main factors: loan amount (principal), interest rate, and loan tenure. Higher loan amounts and interest rates increase EMI, while longer tenures reduce monthly EMI but increase total interest.
Yes, you can make prepayments to reduce your loan principal, which will either reduce your EMI amount or shorten your loan tenure. However, some lenders may charge prepayment penalties.
When you make prepayments, you can choose to either reduce your monthly EMI amount (keeping the same tenure) or reduce the loan tenure (keeping the same EMI). Reducing tenure saves more on total interest.
The basic EMI calculation formula is the same for most loans (personal, car, home), but some loans may have additional charges like processing fees, insurance, or other costs that affect the total amount.
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