You can calculate EMI using this formula:
EMI = [P × R × (1+R)^N] / [(1+R)^N – 1]
Where:
P is the loan amount
R is the monthly interest rate (Annual Rate ÷ 12 ÷ 100)
N is the loan tenure in months
But let’s be honest—doing all this math manually can be confusing. That is why it is easier (and faster) to use PocketMitra’s EMI calculator.
Enter the desired loan amount: Enter how much money you want to borrow.
Adjust the interest rate and tenure: Use the sliders or input boxes to set your loan’s interest rate and repayment period (in months or years).
Instantly view your EMI and total repayment: As soon as you enter the details, your monthly EMI and total repayment amount will be shown immediately.
Instant results! Zero confusion!
Helps you plan your finances with confidence: Know your EMI before applying for a loan, so you can manage your monthly expenses better.
No registration or login needed: You can use it directly—no need to sign up or log in with a mobile number or e-mail id.
Instant, accurate results: Get real-time EMI results within seconds.
Completely free to use: You can use it anytime, as many times as you want without paying any charges.
A Personal Loan EMI Calculator is an online tool that helps you estimate your monthly installment (EMI) and total repayment amount for a personal loan, based on key inputs such as loan amount, interest rate, and loan tenure.
Yes, as soon as you enter the loan amount, interest rate, and tenure, the calculator shows the EMI instantly.
The calculator gives a close estimate of your EMI based on the values you enter. The actual EMI may slightly vary depending on your lender's terms.
Not at all! It is completely free for everyone.
No, you can use it to calculate EMI for loans from any bank or lender. It is a general tool for everyone.