Advanced EMI Calculator
Plan your loans and EMIs effectively with our comprehensive loan calculator and comparison tool. Make informed borrowing decisions with detailed analysis and multiple loan comparisons.
EMI Calculator
Loan Comparison
Loan Option 1
Loan Option 2
Loan Option 3
Your EMI Results
Monthly EMI
₹8,364
Total Interest
₹10,07,360
Total Amount
₹20,07,360
Amortization Schedule
| Year | EMI | Principal | Interest | Balance |
|---|
Loan Comparison Results
🏠 Home Loan
- Interest Rate: 7.5% – 9.5%
- Tenure: Up to 30 years
- Max Amount: 80% of property value
- Tax Benefits: Up to ₹2L under 80C
🚗 Car Loan
- Interest Rate: 8.5% – 12%
- Tenure: Up to 7 years
- Max Amount: 90% of car value
- Processing Fee: 1-2% of loan
💼 Personal Loan
- Interest Rate: 11% – 24%
- Tenure: Up to 5 years
- Max Amount: 10-20x salary
- No Collateral Required
📈 Business Loan
- Interest Rate: 10% – 18%
- Tenure: Up to 10 years
- Max Amount: Based on turnover
- Collateral may be required
EMI & Loan Tips
💡 Choose Right Tenure
Longer tenure means lower EMI but higher total interest. Balance your monthly budget with total cost.
📊 Compare Interest Rates
Even 0.5% difference in interest rate can save lakhs over the loan tenure. Shop around for best rates.
💰 Prepay When Possible
Use bonuses or surplus funds for prepayment to reduce interest burden significantly.
📈 Check Your CIBIL Score
Higher credit score (750+) gets you better interest rates and faster loan approval.
Frequently Asked Questions
What is EMI?
EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender at a specified date each month.
How is EMI calculated?
EMI is calculated using the formula: EMI = [P x R x (1+R)^N] / [(1+R)^N-1], where P=Principal, R=Monthly interest rate, N=Number of months.
Can I prepay my loan?
Yes, most loans allow prepayment. However, some lenders may charge a prepayment penalty, especially for personal loans.
What happens if I miss an EMI?
Missing EMIs can result in penalty charges, negative impact on credit score, and in extreme cases, asset seizure.