EMI Calculator
Loan Amount
Interest Rate (Per annum)
Loan Tenure (in Years)
Monthly EMI
₹20,758
Principal Amount
₹10,00,000
Total Interest
₹2,45,501
Total Amount
₹12,45,501
Principal Amount
Total Interest
Use this free EMI calculator to work out the monthly instalment on a home loan, car loan or personal loan. Enter the loan amount, the interest rate and the tenure, and the calculator shows your EMI, the total interest you would pay and the total amount repaid over the life of the loan.
What is an EMI?
An EMI (Equated Monthly Instalment) is the fixed amount you pay your lender every month until a loan is repaid. Each EMI covers part of the principal and the interest due for that month. In the early years most of the EMI goes towards interest; as the loan balance falls, more of each EMI goes towards the principal.
How does the EMI calculator work?
The calculator uses the standard formula for a loan with a fixed interest rate and equal monthly instalments:
EMI = P × i × (1 + i)n ÷ ((1 + i)n − 1)
Here P is the loan amount, i is the monthly interest rate (the annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments (years × 12). The total amount is the EMI multiplied by the number of instalments, and the total interest is that amount minus the loan.
EMI calculation example
Say you borrow ₹10,00,000 at 9% a year for 5 years. Your EMI would be about ₹20,758 a month. Over 60 instalments you would repay about ₹12,45,501, of which ₹2,45,501 is interest. A ₹25,00,000 home loan at 8.5% for 20 years has an EMI of about ₹21,696, but the total interest over the full tenure is about ₹27,06,939, more than the loan itself.
How to use this EMI calculator
1. Loan amount: the amount you plan to borrow, typed in or set with the slider.
2. Interest rate: the annual rate your lender quotes.
3. Loan tenure: how many years you will take to repay. The EMI and the totals update instantly.
How to lower your EMI or total interest
Make a bigger down payment: borrowing less lowers both the EMI and the interest.
Compare interest rates: even half a percent makes a large difference on a long loan.
Choose the tenure carefully: a longer tenure lowers the EMI but raises the total interest; a shorter one does the opposite.
Prepay when you can: part-payments reduce the outstanding principal, so less interest is charged afterwards. Check your lender's prepayment terms first.
What this calculator doesn't include
The results assume a fixed interest rate for the whole tenure and exclude processing fees, insurance, taxes and other charges. For floating-rate loans the EMI or tenure can change when rates move. Your lender's loan agreement is the final word on what you pay.
EMI calculator FAQs
How is loan EMI calculated?
EMI = P × i × (1 + i)^n ÷ ((1 + i)^n − 1), where P is the loan amount, i is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments. The calculator does this for you.
Does a longer tenure reduce my EMI?
Yes, but it increases the total interest you pay, because you borrow the money for longer. Compare a few tenures in the calculator to find a balance between a comfortable EMI and the total cost.
Can I use this for home, car and personal loans?
Yes. The EMI formula is the same for any loan with a fixed interest rate and equal monthly instalments. Enter the loan amount, the rate your lender quotes and the tenure.
Does the EMI include processing fees or insurance?
No. The calculator shows principal and interest only. Processing fees, insurance and other charges are extra and vary by lender.
What happens if the interest rate changes?
For floating-rate loans the lender may change the EMI or the tenure when rates move. The calculator assumes a fixed rate for the whole tenure.
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