Free Home Loan EMI Calculator in Excel & Online Tool (2026)
Hello friends! Today I am providing you with a very useful Excel file to easily calculate your Home Loan, Personal Loan, or Vehicle Loan EMI. If you are an accountant maintaining ledgers in Tally Prime, this tool will help you accurately calculate interest amounts for your entries.
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📥 Download The Excel EMI Calculator
Get your free, fully automated Excel sheet to calculate principal and interest instantly.
📊 Download Excel File
🤔 What is EMI and How is it Calculated?
Equated Monthly Installment (EMI) is the fixed amount payable each month to the bank until your loan is completely paid off. It consists of two parts: the interest and the principal amount.
In the initial months, the interest component of the EMI is larger. As you keep paying, the interest portion gradually decreases, and more of your payment goes towards the principal balance.
🧮 The Universal EMI Formula:
- E = EMI
- P = Principal Loan Amount
- r = Rate of interest calculated on a monthly basis (i.e., Annual Rate / 12 / 100). Example: For 9.00% annual, r = 9.00 / 12 / 100 = 0.0075
- n = Loan duration in months
EMI = ₹20,00,000 * 0.0075 * (1 + 0.0075)²⁴⁰ / ((1 + 0.0075)²⁴⁰ - 1) = ₹17,995/month.
💻 Live Online EMI Calculator
Use the widget below to instantly check your EMI online.
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