How to use the EMI Calculator
- Enter the loan amount.
- Enter the annual interest rate offered by your lender.
- Enter the tenure in years or months.
- See your EMI, total interest and the repayment schedule.
Features
Any loan type
Home, car, bike, education, personal or business loans.
Full breakdown
EMI, total interest and total payment at a glance.
Year-wise schedule
See how much principal and interest you pay each year.
Updates instantly
Change any value to compare options.
EMI 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 monthly instalments. This is the standard reducing-balance method used for most loans in India.
How to lower your EMI or total interest
A longer tenure lowers the monthly EMI but increases total interest. A shorter tenure does the opposite. Prepaying part of the loan early, when most of each EMI goes toward interest, can reduce total interest noticeably. Use the schedule above to compare scenarios, and confirm final figures with your lender, since processing fees and rate changes are not included.
Frequently asked questions
How is EMI calculated?
Using the reducing-balance formula shown on this page, based on loan amount, monthly interest rate and number of months.
Does this include processing fees or insurance?
No. It shows principal and interest only. Ask your lender for all charges.
Can I use it for a floating rate loan?
Yes, as an estimate at the current rate. Your EMI or tenure changes when the rate changes.
What is a good tenure?
It depends on your budget. Compare the total interest at different tenures using this calculator.
Is this financial advice?
No. It is a calculator for estimates. Speak to your lender or a financial adviser before deciding.