How EMI is calculated
EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1), where P is the loan amount, r is the monthly interest rate (yearly rate ÷ 12 ÷ 100) and n is the number of months. In the early months most of the EMI goes to interest; later, more of it repays the principal.
That’s why even a small extra payment each month makes a big difference. It reduces the principal directly, so every following month charges less interest.
Track every loan, not just one
Home, personal, car, education, gold or family loans: outstanding, EMI, rate and months left.
A reminder 2 days before each EMI. Mark it paid and the outstanding updates.
See the month you’ll be debt-free, and how avalanche or snowball payoff changes it.
Get a month-by-month plan built on your actual income, budget and loans.
Questions
Is this EMI calculator free?
Yes, the calculator on this page is free to use. Tracking your loans with reminders is part of Self Streak (7 days free, then ₹499/month).
Does prepaying a loan always save money?
Prepaying reduces interest, but some fixed-rate loans charge a prepayment fee. As per RBI rules, floating-rate loans to individuals have no foreclosure or prepayment charges. Check your loan agreement.
Should I prepay my loan or invest?
A common rule: clear high-interest debt (credit cards, personal loans) first, and keep an emergency fund. Self Streak’s AI plan weighs this against your own numbers.
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