Free Tool
EMI Calculator
Calculate your monthly EMI instantly. Adjust the loan amount, interest rate, and tenure to find the perfect repayment plan for your budget.
Monthly EMI
₹16,075
per month for 36 months
Principal Amount
₹5,00,000
Total Interest
₹78,700
Total Amount Payable
₹5,78,700
EMI Formula Explained
Principal loan amount (₹)
Monthly interest rate = Annual Rate ÷ 12 ÷ 100
Loan tenure in months
Frequently Asked Questions
How is EMI calculated?
EMI = P × r × (1+r)^n / ((1+r)^n - 1) where P = principal, r = monthly interest rate (annual rate ÷ 12 ÷ 100), and n = tenure in months.
What is a good EMI-to-income ratio?
Most banks recommend keeping total EMIs below 40-50% of your monthly take-home salary. This helps you maintain financial stability while repaying loans.
Can I prepay my loan?
Yes, most banks allow partial or full prepayment. SBI charges 0% prepayment fee for floating rate loans. Some banks charge 1-5% for fixed rate loans in the first year.
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