EMI Calculator
Loan Amount (₹)
Annual Interest Rate (%)
Loan Tenure (Years)
Calculate EMI
Understanding EMIs
An Equated Monthly Installment (EMI) is a fixed amount that is paid by a borrower to a lender on a specific date each month. EMIs are typically used for home loans, car loans, personal loans, and other types of secured and unsecured loans. The EMI amount includes both the principal repayment and the interest charged by the lender.
How EMI is Calculated
The formula for calculating EMI is as follows:
EMI = P × r × (1 + r)^n / ((1 + r)^n – 1)
Where:
P = Principal loan amountr = Monthly interest rate (annual interest rate / 12 / 100)n = Loan tenure in months (loan tenure in years × 12)
Example Calculation
Let's consider a loan of ₹5,00,000 with an annual interest rate of 10% for a tenure of 5 years.
Principal (P) = ₹5,00,000
Annual Interest Rate = 10%
Monthly Interest Rate (r) = 10 / 12 / 100 = 0.008333
Loan Tenure in Years = 5
Loan Tenure in Months (n) = 5 × 12 = 60
Using the EMI formula:
EMI = 500000 × 0.008333 × (1 + 0.008333)^60 / ((1 + 0.008333)^60 – 1)
This would result in an EMI of approximately ₹10,624.
Benefits of EMI
Predictability: Fixed EMI amounts make budgeting easier.Affordability: Spreads the loan repayment over a longer period, making it more manageable.Convenience: Automatic deductions ensure timely payments, avoiding late fees.
Using an EMI calculator can help you estimate your monthly payments for different loan scenarios, allowing you to make informed financial decisions.
function calculateEMI() {
var loanAmount = parseFloat(document.getElementById("loanAmount").value);
var interestRate = parseFloat(document.getElementById("interestRate").value);
var loanTenure = parseFloat(document.getElementById("loanTenure").value);
var resultDiv = document.getElementById("result");
if (isNaN(loanAmount) || isNaN(interestRate) || isNaN(loanTenure) || loanAmount <= 0 || interestRate <= 0 || loanTenure <= 0) {
resultDiv.innerHTML = "Please enter valid positive numbers for all fields.";
return;
}
var monthlyInterestRate = interestRate / 12 / 100;
var loanTenureInMonths = loanTenure * 12;
var emi = loanAmount * monthlyInterestRate * Math.pow(1 + monthlyInterestRate, loanTenureInMonths) / (Math.pow(1 + monthlyInterestRate, loanTenureInMonths) – 1);
var totalInterest = (emi * loanTenureInMonths) – loanAmount;
var totalPayment = emi * loanTenureInMonths;
resultDiv.innerHTML =
"
Your Estimated EMI: ₹" + emi.toFixed(2) + "" +
"
Total Interest Payable: ₹" + totalInterest.toFixed(2) + "" +
"
Total Payment (Principal + Interest): ₹" + totalPayment.toFixed(2) + "";
}
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