EMI Calculator
See your monthly EMI, total interest and a year-by-year schedule for any loan. Estimate only
How it works
How to use the emi calculator
EMI (equated monthly instalment) is the fixed amount you pay every month until a loan is repaid. Banks in India use the reducing-balance 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) and n is the number of months.
Early in the loan most of each EMI goes to interest; later, most goes to principal. The schedule below the result shows how much principal and interest you pay each year and what you still owe, which helps when deciding whether to prepay. The bar shows how much of the total payment is interest.
Compare offers by changing the rate and tenure: a longer tenure lowers the EMI but raises total interest. Remember that processing fees, insurance, GST on fees and floating-rate changes are not included, so use the lender's sanction letter for the final figure.
- Enter the loan amount.
- Enter the annual interest rate.
- Enter the tenure in years or months.
- Read the EMI, total interest and the schedule.
FAQ
Questions about this tool
How is EMI calculated?
With the reducing-balance formula EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1), using the monthly rate and number of months.
Does a longer tenure save money?
No. It lowers the monthly EMI but increases the total interest you pay.
Does prepayment help?
Yes. Prepaying reduces the principal, so you pay less interest overall. Check your lender's prepayment rules.
Is this the exact EMI my bank will charge?
It should be very close for a fixed rate. Banks may round differently and add fees.
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