{
  "id": "emi",
  "version": "c59432e5b9e7",
  "status": "published",
  "name": "EMI Calculator",
  "question": "What is my loan EMI?",
  "summary": "Computes the EMI (equated monthly instalment) of a home, car, or personal loan in rupees, with the total interest and the month-by-month repayment schedule.",
  "category": "finance",
  "subcategory": "india",
  "url": "https://www.acalculator.org/finance/emi-calculator",
  "markdown": "https://www.acalculator.org/finance/emi-calculator.md",
  "kind": "schedule",
  "method": "EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), with r = yearly rate ÷ 1200 and n = tenure in months.",
  "assumptions": [
    "Interest is on the reducing balance: each month it is the balance × the yearly rate ÷ 12.",
    "The rate is fixed for the whole tenure and every EMI is paid at the end of the month.",
    "Processing fees, insurance, and prepayments are not included.",
    "Values are not rounded between months; the page shows rupees rounded to the nearest rupee."
  ],
  "inputs": {
    "$schema": "https://json-schema.org/draft/2020-12/schema",
    "type": "object",
    "properties": {
      "amount": {
        "title": "Loan amount (₹)",
        "description": "The amount borrowed, in rupees.",
        "type": "number",
        "exclusiveMinimum": 0,
        "maximum": 1000000000
      },
      "rate": {
        "title": "Interest rate a year",
        "description": "The yearly interest rate on reducing balance. The monthly rate is this ÷ 12.",
        "type": "number",
        "x-unit": "percent",
        "minimum": 0,
        "maximum": 50
      },
      "years": {
        "title": "Tenure (years)",
        "description": "The loan tenure in whole years.",
        "type": "integer",
        "minimum": 0,
        "maximum": 40
      },
      "months": {
        "title": "and months",
        "description": "Extra months on top of the years.",
        "type": "integer",
        "minimum": 0,
        "maximum": 11
      }
    }
  },
  "outputs": {
    "emi": {
      "label": "Your EMI (₹)",
      "description": "The equated monthly instalment in rupees.",
      "format": "number"
    },
    "interest": {
      "label": "Total interest (₹)",
      "description": "All the interest over the tenure.",
      "format": "number"
    },
    "total": {
      "label": "Total payment (₹)",
      "description": "The loan amount plus all the interest: EMI × the number of months.",
      "format": "number"
    },
    "principal": {
      "label": "Principal (₹)",
      "description": "The loan amount, for the split of the total payment.",
      "format": "number"
    },
    "share": {
      "label": "Interest share of the total",
      "description": "The total interest as a percent of the total payment.",
      "format": "percent"
    },
    "instalments": {
      "label": "Number of EMIs",
      "description": "How many monthly instalments repay the loan.",
      "format": "integer"
    }
  },
  "defaultAnswer": {
    "inputs": {
      "amount": 2500000,
      "rate": 8.5,
      "years": 20,
      "months": 0
    },
    "outputs": {
      "emi": 21695.580834138345,
      "interest": 2706939.4001932032,
      "total": 5206939.400193203,
      "principal": 2500000,
      "share": 51.98715007308827,
      "instalments": 240
    },
    "text": "A loan of ₹2,500,000 at 8.5% for 240 months has an EMI of ₹21,696 and total interest of ₹2,706,939."
  },
  "examples": [
    {
      "given": {
        "amount": 2500000,
        "rate": 8.5,
        "years": 20,
        "months": 0
      },
      "expect": {
        "emi": 21695.58083413835,
        "interest": 2706939.400193204,
        "share": 51.98715007308829,
        "instalments": 240
      },
      "source": "hand calculation in content.mdx; Python 3 in docs/progress/WP-49/python/emi.py; Consumer Financial Protection Bureau, What is amortization and how could it affect my auto loan? https://www.consumerfinance.gov/ask-cfpb/what-is-amortization-and-how-could-it-affect-my-auto-loan-en-771/"
    },
    {
      "given": {
        "amount": 100000,
        "rate": 12,
        "years": 1,
        "months": 0
      },
      "expect": {
        "emi": 8884.878867834166,
        "interest": 6618.546414009994,
        "total": 106618.54641401
      },
      "source": "hand calculation in content.mdx; Python 3 in docs/progress/WP-49/python/emi.py; Consumer Financial Protection Bureau, What is amortization and how could it affect my auto loan? https://www.consumerfinance.gov/ask-cfpb/what-is-amortization-and-how-could-it-affect-my-auto-loan-en-771/"
    },
    {
      "given": {
        "amount": 600000,
        "rate": 0,
        "years": 4,
        "months": 6
      },
      "expect": {
        "emi": 11111.111111111111,
        "interest": 0,
        "instalments": 54
      },
      "source": "hand calculation in content.mdx: at 0% the EMI is 6,00,000 ÷ 54; Consumer Financial Protection Bureau, What is amortization and how could it affect my auto loan? https://www.consumerfinance.gov/ask-cfpb/what-is-amortization-and-how-could-it-affect-my-auto-loan-en-771/"
    }
  ],
  "sources": [
    "Reserve Bank of India, Reset of Floating Interest Rate on Equated Monthly Instalments (EMI) based Personal Loans, RBI/2023-24/55, August 18, 2023. https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=12529&Mode=0",
    "Consumer Financial Protection Bureau, What is amortization and how could it affect my auto loan? https://www.consumerfinance.gov/ask-cfpb/what-is-amortization-and-how-could-it-affect-my-auto-loan-en-771/",
    "Amortized loan (annuity) payment formula: S. A. Broverman, Mathematics of Investment and Credit, chapter 3."
  ],
  "related": [
    "sip",
    "rd",
    "loan",
    "amortization"
  ],
  "changelog": []
}