Work out your EMI and get the exact list of papers lenders ask for.
For planning only. Your lender confirms the final EMI.
understanding emi
An Equated Monthly Instalment (EMI) is a fixed monthly payment made to a bank or financial institution until your loan is fully repaid.
Each EMI includes principal and interest. Initially more goes to interest; later, more goes to principal repayment, using the reducing balance method.
Planning a loan starts with knowing your monthly repayment. Knowing your EMI before you apply helps you choose a loan amount and tenure that fit your budget.
emi formula
R Monthly interest rate (annual rate ÷ 12 ÷ 100)
emi formula
₹30,00,000
Interest rate
9% p.a.
Tenure
20 years (240 months)
Approximate EMI
₹26,992 a month
how to use it
No sign-up needed. The result updates as you move the sliders.
Enter the total amount you wish to borrow
Enter the total amount you wish to borrow
Input the annual interest rate offered by the lender
Instantly view your monthly EMI
Check the total interest payable over the loan period
See the total payment (principal + interest) for complete clarity
What changes your EMI
Change one of these in the calculator and watch the EMI move.
A higher loan amount leads to a higher EMI.
Lower interest rates significantly reduce your EMI.
A longer tenure lowers monthly outflow but increases total interest.
Partial payments reduce the outstanding principal, lowering your EMI.
Why Nihal Fintech
Walking into a bank gets you that bank’s answer. Coming to us puts your profile in front of the lenders most likely to approve it.
OUR SOLUTIONS
For individuals, NRIs and businesses. We compare lenders for each product and recommend the best fit for your profile.
Free tools
Each tool gives you an answer in a few steps. When you are ready, an advisor can check it against real lender offers.
“How much could I borrow?”
Monthly income, existing EMIs and tenure
An estimated loan amount you may be eligible for
“Which papers will the lender ask for?”
Your profile: salaried, self-employed, MSME or developer
A checklist you can copy or share on WhatsApp
An EMI (Equated Monthly Instalment) is a fixed monthly payment made to a lender to repay a loan over a chosen tenure. It includes both the principal repayment and the interest charged on the outstanding loan amount.
EMI is calculated using the reducing balance method with the formula: EMI = P × r × (1 + r)^n / ((1 + r)^n – 1), where P is the principal, r is the monthly interest rate and n is the tenure in months. The calculator on this page uses this exact formula.
Yes, a longer tenure reduces your monthly EMI. However, it also increases the total interest you pay over the life of the loan. It is advisable to choose a tenure that balances an affordable EMI with a reasonable total interest outgo.
Prepaying a portion of your loan reduces the outstanding principal. This can either reduce your future EMIs or shorten your loan tenure, depending on the lender’s policy. Most banks and NBFCs in India allow partial prepayment on floating rate loans without any penalty.
A fixed interest rate remains constant for the entire loan tenure regardless of market conditions. A floating interest rate is linked to a benchmark rate such as the bank’s MCLR or RBI repo rate and can change periodically. Floating rates are generally lower than fixed rates at the time of disbursement but carry the risk of future increases.
A higher credit score (generally 750 and above) increases your chances of getting a lower interest rate, which directly reduces your EMI. A lower credit score may result in a higher interest rate being offered or your loan application being declined. It is advisable to check and improve your credit score before applying for a loan.
Share a few details and an advisor will call you to check feasibility. Or call us on +91 77009 44833.
