EMI Calculator
Home, car and personal loans · மாத தவணை கணக்கீடு
- Loan closes in: --
- Half the principal repaid by: --
- EMI is mostly principal from: --
- Number of EMIs: --
| Year | Principal | Interest | Balance |
|---|
An estimate for a fixed rate. Floating-rate loans change when the bank resets its rate, and processing fees, insurance and prepayment charges are not included.
How the EMI is worked out
The calculator uses the standard reducing-balance formula: EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1), where P is the loan amount, r is the yearly rate divided by 12 and by 100, and n is the number of monthly instalments. Each month, interest is charged on the balance still owed and the rest of the EMI reduces the principal, so early EMIs are mostly interest.
Prepayments
An amount in the prepayment box is taken off the balance at the end of each loan year while the EMI stays the same, so the loan closes early. Banks treat prepayments differently, and some charge for them on fixed-rate loans, so check your loan agreement.
Which rate to enter
Use the rate on your sanction letter or the bank's written offer. Rates depend on the lender, the loan type, your credit score and whether the rate is fixed or floating, so this page does not list bank rates.
Calculator ported from our sister site Coimbatore Junction. See also the Selva Magal scheme calculator.