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What is an EMI?

An EMI, or Equated Monthly Installment, is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMIs are used to pay off both interest and principal each month, so that over a specified number of years, the loan is paid off in full.

How Our Calculator Empowers You

This tool demystifies loan repayments, giving you a clear picture of your financial commitment.

• Financial Planning: Before taking a loan, you can determine if the monthly payment fits into your budget. It helps you decide on an affordable loan amount.
• Loan Comparison: Easily compare loan offers from different banks by seeing how changes in interest rates and tenure affect your monthly outgo and total interest paid.
• Transparency: Our calculator provides a complete breakdown, showing you not just the EMI but also the total interest you'll pay over the life of the loan. The pie chart visualizes how much of your total payment goes toward the principal versus the interest.

Common Use Cases

• Home Loans: Plan for your dream home by understanding the long-term financial commitment.
• Car Loans: Figure out the monthly payment for your new vehicle.
• Personal Loans: See how a personal loan for a wedding, vacation, or emergency will impact your monthly budget.
• Education Loans: Plan for student loan repayments before you even apply.