EMI calculators are very much in demand in India, they are referred to by various names such as Loan EMI Calculator, EMI Loan Calculator Online & many more. Simply put EMI calculator is an online tool to calculate how much amount a borrower have to pay each month against his loan i.e to calculate Home Loan EMI, Personal Loan & Car Loan EMI online.ย Hdfc Bank Credit Card EMI Smart Pay EMI, is anotherย greatย option.
Click below to navigate
๐ What Is An EMI?
๐How Does EMI Calculator Work?
๐Best EMI Calculator Android Apps(apk)
๐Top 8 EMI Calculators By Leading Banks In India
๐How to calculate the EMI on your loan?
๐EMI Calculation Formula
๐Types Of Loan EMI Calculator
๐Calculating Floating Rate EMI
๐An Optimistic EMI Scenario
๐What Are The Benefits ofย EMI Calculator?
EMI Calculator
What Is EMI?
EMI, an acronym for Equated Monthly Installment, is the amount that you pay on a monthly basis to a bank or a financial entity till the loan gets fully paid off. It mainly comprises of the interest on the loan along with the part of the principal amount that needs to be repaid.
The sum of both the principal amount and the interest is then divided by the term i.e. the term in which the loan needs to be repaid. The key thing that needs to be assured here is that the payment is made on a monthly basis.
During the initial months, the interest component of the EMI would be on a higher side and it gradually decreases with each payment. The precise percentage that has been assigned towards the principal amount will entirely bank on the rate of interest.
Even though the monthly EMI payment stays intact, the proportion of the interest and the principal will undergo a change with the time.
With each payment, more payment will go towards the principal and it will reduce the interest as well. The formula for calculating EMI is given below.
How Does EMI Calculator Work?
How to use it?
Just enter the following values in their respective columns as shown in the sheet;
 Loan Amount
 Term (Years)
 Annual interest rate
Output:
 Yearly repayment
 Monthly payment (EMI)
You can also Download this emi calculator or view it online .
EMI Calculator Download
Calculate EMI 


Loan balance:  
Interest rate:  ย % 
Loan term:  ย years or ย months 
5 Best EMI Calculator Android Apps(apk)
Loan Calculator / EMI Calculator By – Infoneety Software Solutionsย
Reviews: 12,374 โ
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Install App
This Smart and handy app is used to calculate EMI of car ,home and other Loan entities/ Mortgage Calculator.
Key Features –
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Home Loan Eligibility section for estimating loan eligibility.
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Create Different Loan Profile using app and view them at any time.
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Calculate EMI with statistics (Montly / Yearly Mode) .
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Share EMI details with clients using SMS/EMAIL.
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Easy to Access and Innovative .
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Good Usability .
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App Available for FREE to use
EMI Calculator By – eCodeย
Reviews: 3,533 โ
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Download app
With colourful charts and instant results, this free EMI Calculator app is easy to use, intuitive to understand and is quick to perform. You can calculate EMI for home loan, personal loan, car loan, education loan or any other fully amortizing loan in India using this app. enter the following information:
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Principal Loan Amount (rupees)
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Loan Tenure (months or years)
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Rate of Interest (percentage)
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Fees & Charges (rupees) – Optional
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EMI Scheme (EMI in arrears or EMI in advance) – Optional
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Start Date (month & year) – Optional
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Extra Payments / Prepayments – Optional
Loan/Mortgage EMI Calculator By – ARB Appsย
Reviews: 5,194 โ
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Download App
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Generate the AMORTIZATION CHART/REPAYMENT SCHEDULE of the Loan.
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Calculate the LOAN AFFORDABILITY based on the affordable EMI.
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Compare up to 4 different set of LOAN values.
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EMAIL Feature: Loan Amortization Chart/Repayment Schedule can be emailed as an EXCEL file.
EMI Calculator – Truedroid
Reviews – 425 โ
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Download App
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Calculate monthly payment EMI, Total Interest and Total Payment (Principal + Interest)
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Can compare the loans
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Can check yearly and monthly payments of EMI, Principal and Interest amounts
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Create the loan profiles to track your monthly EMI amount and payment dates.
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Easy intractable UI
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Can share the EMI results
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Can share the amortization chart details with your friends/customers in excel sheet format.
Credit Card, EMI Calc, Gold Rate
Reviews: 9,273 โ
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Download App
App will help you to choose a card, loan or deposit account that is best suited to your needs. You can also use it to check daily Gold and Silver Rates in major cities across India.
โCompare and Applyโ is the byword associated with this interactive and simple app, that comes loaded with friendly features like the Loan EMI Calculator and the Loan Eligibility Calculators for banks like HDFC, Citibank, Axis Bank, SBI and ICICI Bank,
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Calculate EMI with smart Loan EMI Calculators
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Get instant quotes – find the lowest interest rates or premiums and the highest returns
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Get todayโs Gold and Silver rates along with Daily Alerts for rate changes
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Save your time, money and effort by fasttracking your search process
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Find all Indian banks IFSC Code, MICR Code, Address and Contact information
Top 8 EMI Calculator By Leading Banks In India
Here, we are going to discuss various EMI calculators of some of the wellknown banks in India. We will be talking about various calculators on the basis of speed, graphic representation, usability, and being informative. Here are some of the leading banks in India along with their EMI calculators โ
Emi Calculator SBI – State Bank Of India
The moment you land on the page of SBI EMI Calculator, the first thing that crosses your mind is the calculator being very basic and simple. There are common fields such as โ Amount, Duration, Interest Rate, EMI Calculated, and Total Interest.
 Graphic Representation (output) โ Being a simple calculator, you have to enter the numeric manually. Graphic value is 0. Since, you have to enter the values manually; you end up wasting your valuable time, a slider would have been much better.
 Usability (user friendliness) โ When we talk about the usability of this calculator, then it manages to do the job. You will get exactly what you are looking for i.e. your EMI.
 Speed (page/calculations) โ Speaking of speed, it is capable of giving you fast results. It cannot be termed as slow or too fast, but it has the apt speed.
 Informative โ As far as being informative is concerned, donโt expect the calculator page to give you any additional information.
 Ratings: 1 Stars
EMI Calculator HDFC
As you must have expected HDFC EMI Calculator to be fast, competitive, and transparent that is exactly what this calculator is. The calculator aptly helps you to plan your borrowings and the loan payments as per your requirements.
 Graphical Representation Of Results โ Well, full marks to the graphic representation. The calculator has blue and red colour combinations which are the colours present on the bankโs logo as well. You will have your EMI calculated with the help of a line graph. The interest is shown with a blue colour and the total amount has the red colour.
 Usability โ Nothing negative about the usability as it does help you in calculating your EMI in a more creative (line graph) manner. If you are good at reading line graphs then this representation will be of great help.
 Speed โ The page of EMI Calculator also boasts of giving high speed and accurate results. Since, there are only three fields โ Loan Amount, Interest Rate, and Loan Term, the EMI is calculated quickly without wasting any time.
 Informative โ Having a line graph is one thing that supports โbeing informative elementโ. It surely adds on to the whole information that you are looking for.
 Ratings: 4 Stars
EMI Calculator State Bank of Patiala
Whether you are looking to calculate home, personal, or car loan, SBP EMI calculator will really come handy.
 Graphic Representation โ There is nothing to talk about graphic representation. It is a basic calculator which will just calculate your EMI.
 Usability โ Donโt even think of usability as there is no dedicated page for the calculator. You will first have to locate the page where the calculator is and when you somehow manage to find it, it just comprise of three fields โ Loan Amount, Interest Rate, and Tenure.
 Speed โ No point of discussing the speed here as it has the standard speed at which you are being provided the result.
 Informative โ The page is quite informative when it comes to EMI calculation. The page does have the information about the EMI they are offering, when it was last updated, defining EMI, tenure they are offering, formula to calculate EMI, and covering various other aspects of EMI.
 Ratings: 4 Stars
Axis Bank EMI Calculator
You will just love calculating your EMI at the official page of Axis EMI Calculator. The calculator will help you calculate how much the loan would cost you every month. You also get to check your eligibility and the valid EMI for the loan amount you want to take.
 Graphic Representation โ This is where it surpasses other bankโs EMI calculators. The overall presentation is the first thing that strikes you. The usage of colours makes it more vibrant; though itโs just about calculating EMI only, but the overall experience will surely appeal you.
 Usability โ One of the best elements of this EMI calculator is the use of sliders instead of manually adding the figures. It is convenient and quick as well. You have 4 sliders for Loan Amount, Interest Rate, Tenure, Processing Fee, and there is a separate button for Calculate as well.
 Speed โ First of all page loading speed is little slow. As the calculator has sliders, you get to calculate EMI without wasting any time. The slider can be easily adjusted at the specific position you want for all 4 options, making it easy to calculate.
 Informative โ It does provide general information about the loans and how these calculators can prove handy in understanding the risks, tenure, EMI structure, and investment.
 Ratings: 5 Stars
IDBI Bank EMI Calculator
When you are at the page of IDBI EMI calculator, you will easily calculate your EMI as it has the basic fields you need to fill and to have the results.
 Graphic Representation โ It is a basic EMI calculator and donโt expect anything fancy here. It has three fields namely โ Loan Amount, Interest Rate, and Loan Term.
 Usability โ You donโt have to be an Einstein to use the calculator; all you need is to enter the numeric in the required fields and you get to calculate the EMI.
 Speed โ It is quick for sure as you get the result i.e. EMI without wasting any time.
 Informative โ You wonโt find anything informative here, the calculator simply calculates the EMI for you.
 Ratings: 3 Stars
Kotak Mahindra Bank EMI Calculator
The page of Kotak Mahindra Bank EMI Calculator is nicely designed and helps you calculate your monthly EMI payments quickly.
 Graphic Representation โ Full marks to the graphic representation. The page has beautiful colour combination of red and blue. Here, you get to choose your amount, interest rate, and term. Towards the right side, you have the option to choose from Personal, Car, Business, and Home Loans.
 Usability โ Having sliders really add convenience to the whole process of calculating EMI. You have the option of manually entering the amount, interest rate, and term or you can also use the slider to decide three of them. You also get the results in the form of a Pie Chart that makes the overall presentation more impressive.
 Speed โ If you are using the sliders, you can have speedy results. The sliders save your time to enter the figures manually, thus saving your precious time.
 Informative โ Yes, the moment you have your calculated EMI, you have the button โapply nowโ to straightway apply for the loan. In addition, you also have the steps suggesting the ways in which you can use the calculator.
 Ratings: 5 Stars
Bank of Baroda EMI Calculator
So, are your looking for Bank of baroda EMI calculator? If your reply is in affirmation, then your search ends right here. This calculator will help you in calculating your EMI.
 Graphic Representation โ There is nothing to talk about the graphic representation.
 Usability โ The calculator really helps in calculating your EMI and you have the provision of Amortization Chart as well.
 Speed โ Nothing special about the speed as well as it calculates at the normal speed.
 Informative โ The page is not at all informative and all you can expect is to have your EMI calculated.
 Ratings: 4 1/2 Stars
Canara Bank EMI Calculator
Calculating your EMI is quite simple and fun with Canara Bank EMI Calculator. The calculator is easy and gives quick results. The calculator is basic and gets the job done.
 Graphic Representation โ The graphic representation of the calculator is quite pleasing. The colour combination matches the colours mentioned on the official logo of the Canara Bank.
 Usability โ When it comes to usability, the calculator comes handy in calculating your EMI. All you need is to enter the Loan Amount, Rate of Interest, and the Term and you will have your EMI. You can press the button of reset if you want to try again.
 Speed โ The speed is fast and you get quick results. The moment you enter all the required values, you will quickly get the results. And when you have the result, you can also apply straightaway.
 Informative โ You have little information mentioned on the above of the calculator about APR. You will find brief information about the EMI calculators as well.
 Ratings: – Stars
How to calculate the EMI on your loan?
An EMI Calculator can be defined as a tool that required you to enter โ borrowed amount, rate of interest, time period of the loan, and the processing charges to calculate the monthly loan installment. In order to calculate the loan EMI, The mathematical formula for calculating EMIs is:
EMI Calculation Formula
E = P x r x (1+r)^n/((1+r)^n โ 1)
Here, E is EMI.
P is the Principal Loan Amount.
r is the interest rate that is calculated on a monthly basis.
n is the actual duration.
This is the fundamental emi calculation formula that is being used by most of the the calculators for calculating emi of home loan, car loan or personal loans online in india, but some of them also include the processing fee of the loan while calculating the monthly installment.
The processing fee will be a percentage of the borrowed amount and it can range from 1% to 3%. Here is the catch, as the bank is the one who will be deciding on this, so this can vary from bank to bank.
EMI Loan Calculation Excel
To calculate loan EMIs using Excel, you have to use the function โPMTโ . You will need to know the rate of interest (rate), the tenure of your loan (nper) and, the value of the loan or present value (pv).
Apply this to the formula: =PMT(rate, nper, pv).
Example:
Let us consider a case and calculate the EMIs on loan using an Excel sheet.
Note that the rate of interest for calculating the EMI on your loan must be the monthly interest rate In this case it is 10%/10=1% or 0.01.
The tenure of the loan has to be considered in terms of the total number of months
In case it is 5 yrs. and 10 months = 44 months or 44 EMIs.
Applying this data in the formula
=PMT(0.10/10, 4*10, 435,000)= 11,773
The result is displayed as a negative value. This is the amount to be paid as EMI.
Types Of Loan EMI Calculator
Calculating Floating Rate EMI
Floating EMI can be calculated by considering two conflicting scenarios i.e. โpessimisticโ and โoptimisticโ. You have the control on two key components needs for the calculation of loan EMI, Loan Amount and Loan Time Period i.e. you will be deciding as how much amount you need as loan and what should be the loan tenure.
As far as the floating interest rate is concerned, it will be decided by the bank or the financial entity. The interest rate will be decided as per the guidelines of the policies set by RBI.
You, being a borrower, should consider two of the main possibilities i.e. increasing and decreasing of the interest rate and the calculation of your monthly EMI.
On the basis of this calculation, you will be in a better position to finalize as what amount you can easily afford, what should be the tenure of the loan, and what is the amount you should be borrowing.
An Optimistic EMI Scenario
Imagine the interest rate has decreased and it is at 1% – 3% from the current rate. Now, calculate your EMI on the basis of this particular situation. In the said situation, your EMI will decrease or you may go for cutting down the loan term.
For instance โ If you have taken a home loan in order to purchase your dream house as an investment, then as per this scenario, you will allow you to draw a comparison with other available investment opportunities.
Pessimistic Scenario
In the identical fashion, consider that the interest rate in increased by 1% – 3%. Even the interest rate increases by 2%, it has a significant effect on the monthly payments for the whole loan term.
Such calculations can prove beneficial in gearing up for the future possibilities. Once you have taken a loan, you actually become financially committed for few months or years.
What Are The Benefits ofย EMI Calculators?
Now, let us shift out attention towards the benefits of online EMI calculator โ
Amortization tables โ
Being an important element of the EMI loan Calculator, Amortization Table is one table that makes you familiar with the future. This will show you the exact progress of the loan over time and you will also get familiar with the amount you have already paid back, in terms of interest and the principal.
Ease Of Use โ
The fact cannot be denied that with online EMI Calculator the calculations can be done without facing any hassle. The calculations can be done in mere seconds and you will be able to compare different offerings from various banks and can make a final decision without referring to anybody.
Prompt Calculations โ
Using a pen and a paper, you will surely spend hours tussling with the calculations and not to mention the time you spend rechecking all your calculations.
With EMI loan Calculator, you have the convenience of doing all your calculations in seconds. This means you get to explore all your options related to your term, the amount you can borrow, and the interest rates as well
Accuracy โ
Every minute you spend varying the interest rates, borrowed amount, the term of the loan, you cannot avoid making mistakes. And the moment you add different banks, the chances of mistakes grows even higher, this is where monthly EMI Calculator comes into play minimizing these mistakes.
Graphic Representation โ
Online EMI Calculators will not only give you an idea of how much you have to pay each month, but most of the calculators also offer graphic representation using the form of pie diagrams.
With the help of these diagrams, you will get a fair idea of the total amount you need to pay by the time the loan gets paid fully. In addition, the calculator will also show you what will be the principal, the rate of interest, and how much you will be spending on the processing fee.