💰 EMI Calculator with Amortization Schedule
Calculate your loan EMI, total interest payable, and view complete monthly/yearly amortization breakdown
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📊 Amortization Schedule
🇮🇳 For All Loans
🏦 LOAN DETAILS
🏦 Loan Amount
₹0
📅 Interest Rate
0%
⏱️ Loan Tenure
0 Years
📆 Monthly EMI
₹0
💰 Total Interest Payable
₹0
📊 Total Payment (Principal + Interest)
₹0
📋 Amortization Schedule (Monthly Breakdown)
| # | Payment Date | EMI (₹) | Principal (₹) | Interest (₹) | Balance (₹) |
|---|---|---|---|---|---|
| Enter loan details to see schedule | |||||
What is EMI?
Equated Monthly Installment (EMI) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. It consists of principal and interest components.
EMI Calculation Formula
EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ - 1)
Where P = Principal, r = monthly interest rate, n = number of monthly installments.
Amortization Schedule
An amortization schedule shows the breakdown of each EMI payment into principal and interest, along with the outstanding loan balance after each payment.
Pro Tips
• Higher down payment reduces EMI
• Shorter tenure saves interest
• Prepayment can reduce total interest
• Compare rates across banks
❓ Frequently Asked Questions
What is the difference between reducing balance and flat interest rate? ▼
Reducing balance method calculates interest on the outstanding loan amount, so interest decreases over time. Flat rate method calculates interest on the original principal throughout the tenure, resulting in higher total interest. Most banks use reducing balance method.
How does prepayment affect my loan? ▼
Making prepayments reduces your outstanding principal, which lowers the total interest payable. It can also reduce your loan tenure. Some banks may charge a prepayment penalty, so check your loan terms.
What is a good EMI-to-income ratio? ▼
Financial experts recommend that your EMI should not exceed 40-50% of your monthly income. This ensures you have enough for other expenses and savings.
Can I change my loan tenure after availing the loan? ▼
Yes, many banks allow loan restructuring. You can increase tenure to reduce EMI or decrease tenure to save interest. However, this may involve processing fees.