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Reference Bank Interest Rates (Approximate)
Personal Loans
- HBL30% p.a.
- MCB24% p.a.
- Bank Alfalah18% p.a.
- UBL22% p.a.
Car Loans
- HBL13.5% p.a.
- MCB12.5% p.a.
- Bank Alfalah14% p.a.
- Meezan (Islamic)14% p.a.
Home Loans
- HBL16% p.a.
- MCB16% p.a.
- Bank Alfalah15.5% p.a.
- Meezan (Islamic)14% p.a.
*Rates are indicative and subject to change. Contact your bank for current rates.
More Finance Calculators
View AllHow EMI is Calculated
EMI Formula
EMI = P × r × (1 + r)n / ((1 + r)n - 1)
Where:
- P = Principal loan amount
- r = Monthly interest rate (Annual rate / 12)
- n = Number of monthly installments
Example Calculation
Loan: PKR 2,000,000
Rate: 14% per annum
Tenure: 5 years (60 months)
Monthly EMI ≈ PKR 46,500
Total Interest ≈ PKR 790,000
Total Payment ≈ PKR 2,790,000
Frequently Asked Questions About EMI
What is EMI?
EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. It consists of both principal and interest components.
What factors affect my EMI amount?
Three main factors affect your EMI: Loan Amount (higher loan = higher EMI), Interest Rate (higher rate = higher EMI), and Loan Tenure (longer tenure = lower EMI but more total interest).
How much EMI can I afford?
Financial experts recommend that your total EMI payments should not exceed 30-40% of your monthly income. This ensures you have enough for other expenses and savings.
Is this EMI calculator free?
Yes, our EMI calculator is completely free to use. No registration, no email required, and no hidden charges. Calculate your EMI as many times as you need.