What is EMI?
Equated Monthly Installment (EMI) is a fixed payment each month toward a loan, covering principal and interest over the loan tenure.
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Usage
- Compare car, home, and personal loan presets side by side.
- See how a larger down payment lowers monthly instalments.
- Estimate conventional interest vs Islamic (Murabaha-style) profit.
- Review year-by-year principal and interest in the amortization table.
- Export the schedule to a spreadsheet for your own planning.
Knowledge
EMI (Equated Monthly Instalment) is a fixed payment each month that covers principal and finance charges over the loan tenure. Conventional loans use compound interest on the declining balance.
Amortization. Early payments carry more interest; later payments retire more principal. The stacked chart and schedule show how that mix shifts over time.
Islamic (Murabaha-style) mode. Total profit is calculated on the principal and tenure, added to the loan amount, then divided into equal monthly instalments with fixed principal and profit portions — a simplified planning model, not a bank contract.
Estimates only. Real offers may include fees, insurance, promotional rates, or different day-count conventions. Use results for comparison before speaking to a lender.
FAQs
How is EMI calculated here?
Conventional EMI uses the standard amortizing formula: monthly rate × principal × (1 + r)^n ÷ ((1 + r)^n − 1), where r is annual rate ÷ 12 ÷ 100 and n is tenure in months. Down payment reduces the principal before EMI is calculated. For Islamic (Murabaha-style) loans, total profit = loan × profit rate × tenure in years; that profit is added to the principal and split into equal monthly instalments with the same principal and profit portions each month.
What is total interest?
Total interest is everything you pay beyond the borrowed amount over the full tenure — the sum of all EMIs minus the loan principal after down payment.
Can I enter tenure in years or months?
Yes. Switch between years and months; the calculator converts to months internally for the EMI formula.
Are these bank quotes?
No. Results are estimates for planning. Banks may add fees, insurance, or different rate structures to your actual offer.
Is my data stored or sent to a server?
No. Loan inputs and results stay in your browser. Nothing is uploaded or saved on a server.