EMI Calculator

Free EMI calculator

An EMI (Equated Monthly Instalment) is the fixed amount you pay every month on a loan. Enter your loan amount, annual interest rate and tenure to see your monthly EMI, the total interest you'll pay, and the total repayment — for a home loan, car loan or personal loan.

How to use the EMI calculator

1. Enter the loan amount (the principal you want to borrow).
2. Enter the annual interest rate your lender is offering.
3. Enter the tenure in years.
4. Click Calculate to see your monthly EMI, total interest and total amount payable.

How EMI is calculated

EMI stands for Equated Monthly Instalment — a fixed amount you pay every month until the loan is fully repaid. Every EMI has two parts: interest and principal repayment. In the early months most of the EMI goes toward interest; toward the end, most of it repays the principal.

EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)

where P is the principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments.

Worked example

For a ₹10,00,000 loan at 9% per year for 10 years: the monthly rate is 0.0075 and n = 120. The EMI works out to about ₹12,668 per month. Over the full term you repay roughly ₹15.2 lakh — meaning about ₹5.2 lakh is interest.

Tips to reduce your EMI

• A longer tenure lowers the monthly EMI but increases the total interest you pay.
• A larger down payment reduces the principal, so the EMI drops.
• Prepayments made early in the loan cut total interest the most.
• Compare lenders — even a 0.5% lower rate noticeably reduces the total cost of the loan.

Frequently asked questions