Our EMI calculator uses the standard EMI formula: EMI = [P x R x (1+R)^N] / [(1+R)^N-1] where P is principal, R is monthly interest rate, and N is tenure in months. It works with current market interest rates as per RBI guidelines for all loan types including home loans (8.5%-12%), car loans (9%-15%), personal loans (10%-24%), and business loans (11%-18%).

Our EMI calculator supports interest rates from 1% to 50% per annum to accommodate all loan types with current market rates. As per September 2025 market conditions: Home loans (8.5%-12%), Car loans (9%-15%), Personal loans (10%-24%), Business loans (11%-18%), and Education loans (8.5%-15%). The calculator automatically computes monthly EMI based on your selected rate with detailed repayment breakdowns.

RBI policy changes, especially repo rate modifications, directly impact lending rates across all banks and financial institutions. When RBI increases repo rates, loan interest rates typically rise, resulting in higher EMIs. Conversely, rate cuts lead to lower EMIs. Our calculator reflects current market rates, and borrowers should monitor RBI announcements for potential EMI changes on floating rate loans.

Fixed rate EMIs remain constant throughout the loan tenure as the interest rate doesn’t change, providing payment predictability. Floating rate EMIs fluctuate based on market conditions and RBI policy changes. Our EMI calculator can compute both scenarios – use a fixed rate for consistent EMI calculations or adjust rates periodically for floating rate scenarios to understand potential EMI variations.

Absolutely! Our EMI calculator is perfect for comparing loan offers from different banks and NBFCs. Input various interest rates, processing fees, and tenure options from different lenders to compare total cost of borrowing. This helps you choose the most cost-effective loan option that fits your budget while considering all associated costs beyond just the EMI amount.

Our EMI calculator provides 100% accurate calculations using the standard EMI formula recognized by all financial institutions and RBI guidelines. However, actual EMI may vary slightly due to processing fees, insurance charges, and other applicable costs. The calculator gives you precise principal and interest calculations that form the base EMI amount used by all authorized lenders.

While our EMI calculator provides standard monthly installment calculations, prepayments can significantly reduce total interest and tenure. For prepayment calculations, you can use our results as a base and calculate savings manually or consult with your lender for precise prepayment schedules. Most lenders allow partial prepayments without penalties as per RBI guidelines.

Besides EMI affordability, consider processing fees (typically 0.5%-2% of loan amount), prepayment charges, insurance requirements, documentation charges, and credit score impact. Also evaluate lender reputation, customer service quality, digital banking facilities, and loan approval timelines. Our EMI calculator helps with the basic calculation, but comprehensive evaluation ensures you choose the right lender and loan product.