EMI Calculator

EMI Calculator: Know Your Loan EMI Before You Borrow

Sometimes, there are certain goals in life that cannot be achieved without the necessary funds. And, for those goals, you take loans. Loans have become a part of almost every big or small decision - be it buying a car, funding your education or expanding your business.

But before you sign the loan agreement, you must be well informed regarding the amount you will be paying as your EMI or Equated Monthly Instalment. That is why EMI calculators are very important and come in handy.

Whether it is a personal loan, home loan or car loan, an EMI calculator online helps you check your monthly payments, thus preventing financial penalties.

What is an EMI Calculator?

An EMI calculator is a simple online tool that helps you estimate your monthly repayment (EMI) amount for a loan. There are three main details related to the EMI calculator:

Loan amount (Principal)
Interest rate
Loan period or tenure (in months or years)

Once you enter these, the calculator instantly shows:

Your monthly EMI
Total interest payable
Total amount you will repay over the loan period or tenure.

This gives you a clear financial picture before you borrow.

Why You Should Always Use an EMI Calculator Online?

We will explain the reason from an example mentioned below, which will help you get a real picture:

Suppose you take a ₹10 lakh personal loan for 5 years at an interest rate of 12%. Now, without an EMI calculator, you might guess your EMI to be ₹15,000–₹17,000. But when you actually use an online EMI calculator, you will find the EMI is ₹22,244 per month - a big difference that could affect your monthly budget!

That is why we recommend using InvestKraft’s EMI calculator before borrowing. It is an essential tool for planned borrowing. The following bullet points summarise the benefits of the EMI calculator:

Prevents over-borrowing
Helps compare multiple loan offers
Keeps your debt-to-income ratio healthy
Simplifies financial planning
Help you plan, so that you do not get penalised for missing out on repayments.

Formula to Calculate EMI

Let us understand the formula used to calculate EMI, however, these are done automatically by the EMI calculator online:

EMI = [P × R × (1 + R)^N] / [(1 + R)^N – 1]

where –

P = Loan amount
R = Monthly interest rate (annual rate ÷ 12 ÷ 100)
N = Tenure in months

An Example to calculate EMI through the formula

If you borrow ₹5 lakh for 3 years at 10% annual interest, then:

P = ₹5,00,000
R = 0.0083 (10 ÷ 12 ÷ 100)
N = 36

Your EMI = ₹16,134

You can check this instantly with InvestKraft’s Loan EMI calculator online, no manual calculation is needed.

Factor	Impact on EMI
Loan Amount	Higher loan means higher EMI. If you reduce your loan amount, EMIs will reduce too.
Interest Rate	Even a 1% difference can change your total interest by thousands.
Loan Tenure	The longer the tenure, the smaller the EMI, but the total interest will be higher.
Loan Type	Secured loans (like home loans) usually have lower EMIs than unsecured ones.
Prepayments	Making early payments can reduce both tenure and interest burden.

How InvestKraft’s EMI Calculator Online Helps You

Our EMI Calculator is designed for simplicity and accuracy. Here are some of the other features of our EMI calculator:

Instant Results: Get your EMI amount in seconds — no complex math.
100% Free: Use it unlimited times to compare different loans.
Accurate Every Time: No human errors or manual miscalculations.
Comprehensive Breakdown: See principal and interest components clearly.
Complete Amortisation Schedule: Check your repayment schedule for the coming months and years, and plan accordingly.
Customisable for All Loans: Works for home, car, education, or personal loans.

Also, InvestKraft’s financial planner you plan your finances effectively, as it provides complete details on your savings, income and expenditures.

Real-Life Case Study on Why the EMI Calculator is Important

We will understand the importance of the EMI calculator from a real-world example below:

Ravi, a marketing professional in Pune, wanted to buy a used car worth ₹6 lakh. He had two options:

Bank A offered 10.5% interest for 3 years
Bank B offered 9.9% for 4 years

Using the InvestKraft Loan EMI Calculator, Ravi compared both:

Option	Interest Rate	Tenure	Monthly EMI	Total Payment
Bank A	10.5%	3 years	₹19,579	₹7,04,844
Bank B	9.9%	4 years	₹15,271	₹7,33,008

Results

Although Bank B had a lower interest rate, the longer tenure increased his total payment.

Ravi chose Bank A and saved nearly ₹28,000 - thanks to using the EMI calculator before applying.

Now, that is how smart planning works.

Types of EMI Calculators Available on InvestKraft

We have built an EMI calculator for all types of personal loans that you can use and make an informed decision. The following are the types of EMI calculators available:

Home Loan EMI Calculator

Buying your dream home? Check your EMI before applying. Home loans are long-term commitments, so knowing the monthly burden helps plan better. Use our Home Loan EMI Calculator to plan repayment smartly.

Car Loan EMI Calculator

Before driving your new car, calculate how much it will cost monthly. Our Car Loan EMI Calculator lets you check the EMI amount for variable loan periods and rates of interest to fit your budget.

Personal Loan EMI Calculator

Whether it is for a wedding, renovation, or medical need, personal loans are popular and handy, but may be costly. Use our Personal Loan EMI Calculator Online to avoid overspending.

Education Loan EMI Calculator

Whether studying in India or abroad, education loans can be large, and repayment starts after the moratorium period. Plan ahead using our Education Loan EMI Calculator.

Loan Against Property EMI Calculator

Planning to mortgage your property? Use our Loan Against Property EMI Calculator to ensure you can handle repayments comfortably.

FAQs on EMIs

A: EMI (Equated Monthly Instalment) is the fixed amount you pay every month to repay your loan, including both interest and principal.

A: A good loan EMI calculator like InvestKraft’s is highly accurate since it uses the official loan EMI formula and real-time inputs.

A: Yes. You can use it for home, car, education, personal, or business loans.

A: Yes. A longer tenure reduces your EMI but increases total interest paid.

A: To understand affordability, compare lenders, and avoid future repayment stress.

Still Have A Questions? Ask Us

Loan amount

Rate of interest (p.a)