EMI Calculator
Calculate your Equated Monthly Installment for loans.
Monthly EMI
$836.44
$100,000
Principal
$100,746
Total Interest
$200,746
Total Payment
EMI Formula
EMI is calculated using the following formula:
EMI = P × r × (1+r)^n / ((1+r)^n - 1)
Where:
- P = Principal loan amount
- r = Monthly interest rate (annual rate / 12 / 100)
- n = Number of monthly payments (years × 12)
Tips to Reduce EMI
- Make a larger down payment - reduces principal
- Choose a longer tenure - but pay more interest overall
- Negotiate interest rate - even 0.5% makes a difference
- Make prepayments - reduce principal faster
- Transfer to lower rate - refinance if rates drop
Typical Loan Interest Rates
| Loan Type | Typical Rate Range |
|---|---|
| Home Loan | 6% - 9% |
| Car Loan | 7% - 12% |
| Personal Loan | 10% - 24% |
| Education Loan | 8% - 14% |
| Business Loan | 11% - 20% |
Note: Rates vary by country, credit score, and lender.
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