How the EMI is worked out
The EMI uses the standard reducing-balance formula. The monthly rate is the yearly rate divided by twelve, and the number of months is the tenure in years multiplied by twelve. The result is the fixed amount you pay each month until the loan ends.
Check the share of salary
The share of take-home pay shows how much room the EMIs leave for bills, spending and savings. It is a useful check before you take on a new loan, even if the lender would approve a larger one.
Questions people ask
Is the EMI calculator accurate?
It uses the standard formula, so it is a good estimate. Your lender's exact figure may differ slightly, so check your loan offer.
Does the calculator store my numbers?
No. It runs in your browser, and nothing you enter is saved.
What share of salary is safe for EMIs?
There is no official limit. Many people keep total EMIs well under half of take-home pay. This is a rule of thumb, not advice.