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EMI Calculator
Enter a loan amount, interest rate and tenure to see your monthly EMI, the total interest you will pay, and the full amount repaid.
How EMI is calculated
EMI (equated monthly instalment) is the fixed amount you pay each month until a loan is fully repaid. Each payment covers part of the interest and part of the principal. Early on, most of the payment is interest. Later, more of it goes towards the principal.
The formula is 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 payments.
How to lower the total cost of a loan
A longer tenure lowers the monthly EMI but increases the total interest you pay. Prepaying part of the loan early, or moving to a lower rate through a balance transfer, reduces interest over the life of the loan. Try a few tenures here to see how much each extra year costs.
Frequently asked questions
Does this include processing fees or insurance?
No. The calculator works out principal and interest only. Processing fees, insurance and other charges are extra, so check your lender's full schedule.
Is the interest rate fixed?
This calculator assumes one fixed rate for the whole tenure. Many Indian home and personal loans have floating rates that change over time, so your EMI can change too.