EMI Calculator

Monthly EMI 86
Principal Amount 1,000
Total Interest 32
Total Amount 1,032.00

Year Month Principal (A) Interest (B) EMI (A+B) Balance Loan Paid to Date (%)

An Equated Monthly Instalment (EMI), is a fixed amount of money that borrowers pay every month to their lenders as part of a repayment plan for their loan. Whether you take a personal loan, home loan, car loan or educational loan, the EMI will be an important component. The EMI comprises two main components which are the principal amount and the interest charged by the lender. Loan repayments are a huge financial responsibility, so, it is critical for you to calculate your EMI rate before availing of a loan. The calculation can be done in two ways, by using an online EMI calculator or by using the EMI calculation formula








EMI Calculation Formula

The EMI of a loan is determined by the loan amount, interest rate and tenure. You can calculate the equated monthly instalment by using the formula:

E= P x R x (1+R)^N / [(1+R)^N-1]


E = monthly instalment.

P = principal amount.

R = rate of interest.

N = tenure

For example:

If the principal amount = ₹10,00,000

Rate of interest (per month) = 10.5/ 12 / 100

= 0.00875

Tenure (in months) = 10 years (120 months)

Then, EMI = ₹10,00,000 x 0.00875 x (1+ 0.00875)^120 / [((1+0.00875)^120) - 1]

= ₹13,493

Therefore, the EMI you need to repay every month will be ₹13,493.

How to Use EMI Calculator?

Using an EMI calculator has been made easy and convenient with the availability of online loan EMI calculators. Estimating your monthly loan payments is important as it will help you understand the financial commitment you need to make. You can efficiently use a calculator by following the step-by-step process below:

  • Step 1: Open EMI Calculator: You can visit your bank’s website or search and check EMI calculator online by Buddy Loan. Many banks and lending institutions provide free EMI calculators that are reliable and user-friendly.

  • Step 2: Enter the necessary information: You can input the total loan amount you want to borrow, the annual interest rate and the loan tenure in months or years in the respective fields given in the calculator.

  • Step 3: Calculate: The EMI calculator will compute the equated monthly instalment based on the inputs you have provided, so make sure you enter the right information.

The calculator will display the EMI amount you need to pay each month. It will also provide a breakdown of the EMI components including the principal and interest proportions.

Fixed & Variable Rate EMI Calculation

A fixed rate and variable rate EMI calculation are two very different methods to calculate the equated monthly instalment for a loan. Let’s explore each type and how to calculate them:

Fixed Rate EMI

In a Fixed rate EMI, the interest rate will remain the same throughout the entire loan tenure. Your EMI amount will be the same from the beginning till the end of your loan repayment period. You can calculate the EMI using the online loan EMI calculator or the following formula:


To calculate the EMI for a fixed rate, you can use the given formula:

EMI = P x R x (1+R)^N / [(1+R)^N-1]


EMI = Equated Monthly Instalment

P = Principal Loan Amount

R = Rate of Interest

N = Loan Tenure

Variable Rate EMI

A variable rate EMI is also known as floating rate EMI. The interest rate in a variable rate EMI will constantly fluctuate in accordance to market rates. This means that your EMI amount will change if the interest rate changes.

Calculating the EMI for a variable rate EMI can be a little challenging, the standard formula used for fixed rate is not typically used for calculating variable rate. This is because of the possible change in interest rate and EMI. To calculate the variable rate EMI you will need to know specific terms of your loan, including the interest rate changes. You can use the formula above or a loan emi calculator if you have the right terms and rates of your loan.

Types of EMI Calculators

There are different types of EMI calculators that you can use to calculate the EMI of any loan that you take. These are:

Personal Loan EMI Calculator

A personal loan EMI calculator helps you to calculate the monthly repayments for unsecured loans. Because of this a personal loan will have a shorter loan tenure and higher interest rates. A personal loan EMI calculator will help you assess the equated monthly instalment needed for repayment. You can input the loan amount, interest rate and tenure to get your EMI amount.

Marriage Loan EMI Calculator

A wedding loan EMI calculator is a financial tool that helps you estimate your monthly payments for a personal loan taken for marriage expenses. The calculator will consider the loan amount, interest rate and repayment tenure to provide you with an idea of EMI you will be paying for the loan amount you are taking.

The tool aids in better financial planning for your special occasion.

Travel Loan EMI Calculator

A holiday loan EMI calculator is a useful tool for understanding the monthly repayment you need to make when taking a personal loan for travel. To get the estimated amount, you just need to input the loan amount you require, the interest rate and tenure of the loan. Through this online calculator you will be able to determine the affordable EMIs and your budget. Helping you plan for a memorable holiday without compromising on financial stability.

Home loan EMI Calculator

We specially designed home loan EMI calculators to factor in the significant loan amount along with a long repayment term. In case of a home loan, the principal is usually a significant amount; it requires a proper repayment plan. Using this calculator, you will understand how much EMI you will pay in a month helping you plan for your finances. In a home loan EMI calculator, you can simply insert the data and get the results right away.

Car Loan EMI Calculator

You can use a car loan EMI calculator before purchasing a vehicle. Car loans are secured loans where the car is the collateral. Therefore it is important to consider your loan affordability by calculating the EMI with the help of a car loan EMI calculator.

Two Wheeler Loan EMI Calculator

Every individual wanting a 2 wheeler through a two-wheeler loan needs an EMI Calculator to predict their monthly payment to the lenders. Using the calculator is simple and easy where you only need to input the loan amount, interest rate and tenure to get an estimate on your EMI. This tool assists in planning for a two-wheeler loan while managing financial commitments effectively.

Education Loan EMI Calculator

EMI calculators are tailor made to find out your complete course of study fee payout. With an education loan’s interest rate, tenure and total loan amount needed, you can game up your loan approval and plan your finances. It evaluates the education loan EMI.

Business Loan EMI Calculator

An EMI calculator for a business loan is a valuable digital resource that allows entrepreneurs to assess their estimated monthly instalments for a business loan.

The tools help in strategic financial planning, which facilitates business growth while maintaining smart management of money.

Loan Against Property EMI Calculator

A mortgage loan is a secured loan that is availed against property. Any property, whether residential, commercial, or land, may be mortgaged with the lender in exchange for a loan. To determine the EMI, you can calculate by using the loan against property EMI calculator or mortgage loan EMI calculator.

How to Use Buddy Loan Online EMI calculator?

The Buddy Loan EMI calculator is easy and convenient to use. Just follow these few steps and you will get your equated monthly instalment amount:

  1. Visit the BuddyLoan website or download the app and click on the “EMI Calculator” button.
  2. Enter your loan amount, interest rate and loan tenure.
  3. The calculator will display the estimated EMI for your loan

Why to Choose Buddy Loan Calculator?

The Buddy Loan calculator helps you to calculate your EMI accurately and has a few extra features that you can benefit from. Besides the EMI amount calculation, the calculator will display a pie chart, table and a graph.

Advantages of Using EMI Calculator

When considering taking up a loan, it is important to check an EMI calculator online to understand the financial responsibilities that you need to commit to. An EMI calculator has many advantages, some of which are as follows:

Ready to take the next step? Apply for a personal loan now!

Frequently Asked Questions

Yes, EMI calculators provide an accurate estimate of your monthly repayment amount.

You can verify the accuracy by checking with multiple calculators or contacting your lender. You can also calculate your EMI manually using the EMI calculation formula.

Yes, there are different calculators for different types of loans.

Yes, using the EMI online calculators from reputable banks or NBFCs websites is safe.

Yes, you can calculate the floating ROI using EMI calculators. Provide accurate information to get accurate results.

No, you will only need to provide the loan amount, interest rate and loan tenure.

No, an EMI calculator is a tool that is designed to only estimate your EMI based on initial loan details.

The loan amount, interest rate, repayment tenure are factors affecting personal loan EMI.

You can reduce your personal loan EMI by opting for a longer tenure or getting a smaller loan amount.

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