EMI Calculator
EMI (equated monthly instalment) is the fixed amount you pay your lender every month until a loan is fully repaid. Each EMI has two parts: interest on the balance still owed, and a repayment of principal. In the early years most of the EMI is interest; towards the end most of it is principal.
EMI Calculator
Example values are shown to start with. Change them to your own numbers. Everything is calculated in your browser.
This calculator works out the EMI for a reducing-balance loan, along with the total interest you will pay and the total amount repaid over the full tenure. Use it to compare offers from different lenders, to check whether a loan fits your monthly budget, and to see how a longer or shorter tenure changes the interest cost.
Worked example
With the starting values below, the calculator gives the results in the second table.
| Loan amount | ₹10,00,000 |
|---|---|
| Interest rate | 9% |
| Tenure | 10 yrs |
| Monthly EMI | ₹12,667.58 |
|---|---|
| Total interest | ₹5,20,109.29 |
| Total payment | ₹15,20,109.29 |
How to use this calculator
- Enter the loan amount you plan to borrow.
- Enter the annual interest rate offered by the lender.
- Enter the loan tenure in years.
- Read the monthly EMI, total interest and total payment. Change the tenure or rate to compare options.
Formula
- P is the loan amount (principal).
- r is the monthly interest rate: annual rate ÷ 12 ÷ 100.
- n is the number of monthly instalments: tenure in years × 12.
Assumptions
- The loan is on a reducing balance: interest is charged only on the outstanding principal.
- The interest rate stays fixed for the whole tenure. Floating-rate loans change when the lender's benchmark changes.
- Instalments are paid at the end of each month.
- Processing fees, insurance, GST on fees and prepayment charges are not included.
Limitations
- Lenders may calculate interest daily or round instalments, so your loan statement can differ by a small amount.
- Part-payments and foreclosure change the schedule and are not modelled on this page.
Frequently asked questions
What is the formula for EMI?
EMI = P × r × (1 + r)ⁿ ÷ [(1 + r)ⁿ − 1], where P is the loan amount, r is the monthly interest rate and n is the number of months. The calculator applies this formula to the numbers you enter.
Does a longer tenure lower my EMI?
Yes. A longer tenure spreads the repayment over more months, so each EMI is smaller. The trade-off is that you pay interest for longer, so the total interest is higher. Try the same loan at two tenures to see the difference.
Is the EMI the same on a floating-rate loan?
Only until the rate changes. When a floating rate changes, the lender usually recalculates either the EMI or the remaining tenure. This calculator assumes a single fixed rate.
Why does my bank's EMI differ slightly from this result?
Banks can apply different rounding, charge interest by the day, or add fees to the loan. Ask your lender for the amortisation schedule if you need an exact figure.
Related calculators
- FD CalculatorMaturity amount and interest on a fixed deposit.
- Compound Interest CalculatorGrowth of savings with regular monthly contributions.
- Simple Interest CalculatorInterest and total amount when interest is not compounded.
Sources and method
The EMI formula is the standard annuity (reducing-balance) formula. See how our calculators work.
Results are estimates for planning only and are not financial, tax or legal advice. Rates, rules and your own circumstances can change the outcome. Read our disclaimer.