Interest Type

Loan Amount

Interest Rate


Loan Tenure

Loan Amount100,000
Interest %8 %
Tenure (months)12
Emi (monthly)8,699
Total Interest4,386
Loan Amount + Interest104,386
YearTotal Principal
( A )
Total Interest
( B )
( A + B)
Total Payment Loan Paid Till Date (%)
49,0053,18952,19450,99549.00 %
Jul8,0326678,69991,9688.03 %
Aug8,0866138,69983,88216.12 %
Sep8,1405598,69975,74224.26 %
Oct8,1945058,69967,54832.45 %
Nov8,2494508,69959,29940.70 %
Dec8,3043958,69950,99549.00 %
50,9971,19752,1940100.00 %
Jan8,3593408,69942,63657.36 %
Feb8,4152848,69934,22165.78 %
Mar8,4712288,69925,75074.25 %
Apr8,5271728,69917,22382.78 %
May8,5841158,6998,63991.36 %
Jun8,641588,6990100.00 %

What is EMI?..

Equated Monthly Installment - EMI for short - is the amount payable every month to the bank or any other financial institution until the loan amount is fully paid off. It consists of the interest on the loan as well as part of the principal amount to be repaid. The sum of principal amount and interest is divided by the tenure, i.e., the number of months in which the loan has to be repaid. This amount has to be paid monthly. The interest component of the EMI would be larger during the initial months and gradually reduce with each payment. The exact percentage allocated towards the payment of the principal depends on the interest rate. Even though your monthly EMI payment won't change, the proportion of principal and interest components will change with time. With each successive payment, you'll pay more towards the principal and less in interest.

What is the effect of loan prepayment on your Installment payments?

Prepaying your loan may be a smart move, especially if you can save a substantial amount of interest. But as with most financial decisions, nothing comes for free. In your haste to save interest, you may end up paying more than you bargained for. Prepaying your loan, in other words paying back a portion of the principal early, is not as simple or straightforward as it first sounds. The prepayment charges can vary so it is important to do a bit of research about this, before deciding whether to prepay your loan. If you pay a prepayment charge, this is essentially an extra charge for prepaying your loan. Given that prepaying your loan results in reduced monthly installments as well as fewer volumes of interest being paid to the lender, it is mostly possible that you might still come out on top even after paying the prepayment charge.

What is the factor that could impact your due amount?

When planning to take a loan for your financial needs, you need to calculate the amount that you will have to pay through equated monthly installments in order to match your repayment capability. This is because evidently, the loan amount that you can save up every month will differ depending on the income and spending power. But the calculation of monthly installments can get a little tricky because there are several factors that can affect the due amount payable on a loan. When you are planning to take a loan, you need to anticipate factors that can impact the amount of debt, both positively or negatively like ill effects on credit score or a sudden rise in your income. The ability to manage your loan according to such changes can be altered by adjusting the interest rate, term of the loan, and purpose for which you have taken the loan. The purpose for which you have taken the loan can also be changed under certain circumstances that involve personal reasons.

What is the importance of an EMI Calculator?

An EMI calculator is a simple way to calculate the monthly installment payments of a loan or mortgage. You can use it to work out how much of a loan you can afford, or if you should refinance with a new mortgage. It's handy when you have a financial decision to make and are unsure which path is best to take.EMI calculators are used by many people when financing their homes or car. The EMI is the number of monthly payments, over an agreed loan period, toward a loan's principal amount as well as interest. To make a good decision on such a large financial plan, you need to run multiple scenarios and compare the same to find the best fit. Intuitively, two key factors will help you improve your EMI calculation:

  • Make your loan tenure more than 20 years (decreasing the interest rate)
  • Pay 60% of your monthly expenses in EMIs (reducing the loan amount).

How to Use an EMI Calculator?

Here's the step by step guide on how you can use ReferLoan’s EMI Calculator:

With colorful charts and instant results, our EMI Calculator is easy to use, intuitive to understand, and quick to perform. You can calculate EMI for a home loan, car loan, personal loans, education loans, or any other loans using this calculator.

Enter the following information in the EMI Calculator:

  • The principal loan amount you wish to avail (rupees)
  • Loan term (months or years)
  • Current EPF Balance
  • Rate of interest (percentage)
  • EMI in advance OR EMI in arrears (for car loans only)