EMI calculator

Find your monthly EMI for any loan in seconds. Enter the loan amount, interest rate and tenure to see your EMI, total interest and a year-by-year repayment schedule.

₹

₹10,00,000 (10 lakh)

%

Monthly EMI

₹20,758

Principal
₹10,00,000
Total interest
₹2,45,501
Total amount payable
₹12,45,501

How to use

  1. Enter the loan amount in rupees, or drag the slider.
  2. Enter the yearly interest rate your bank offers.
  3. Enter the tenure in years, or switch to months.
  4. Your EMI, total interest and total payment update instantly. Open the schedule to see each year.

Calculators by loan type

The EMI formula, with an example

Banks in India use the reducing-balance formula:

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

  • P is the loan amount
  • r is the monthly interest rate: yearly rate ÷ 12 ÷ 100
  • n is the number of monthly instalments

For a loan of ₹10,00,000 at 9% a year for 5 years: r = 9 ÷ 12 ÷ 100 = 0.0075, and n = 60. Putting these into the formula gives an EMI of ₹20,758. Over 60 months you pay₹12,45,501 in total, of which ₹2,45,501 is interest.

How tenure changes your EMI and total interest

A longer loan means a smaller EMI but much more interest overall. Here is a₹30,00,000 loan at 8.5% a year over different tenures:

TenureMonthly EMITotal interestTotal payment
10 years₹37,196₹14,63,485₹44,63,485
15 years₹29,542₹23,17,594₹53,17,594
20 years₹26,035₹32,48,327₹62,48,327
25 years₹24,157₹42,47,044₹72,47,044

Choose the shortest tenure whose EMI you can pay comfortably every month, leaving room for other expenses and savings.

Ways to pay less interest

  • Make a bigger down payment so you borrow less.
  • Compare lenders. Even 0.5% lower interest saves a lot on a long loan.
  • Prepay when you can. Extra payments reduce the balance that interest is charged on. Check for prepayment charges first.
  • Keep a good credit score. Lenders usually offer better rates to borrowers with strong repayment histories.

This calculator gives an estimate for planning. Your lender's figures may differ slightly due to rounding, start date, fees or insurance. It is not financial advice.

Frequently asked questions

What is EMI?

EMI (Equated Monthly Instalment) is the fixed amount you pay your lender every month until the loan is repaid. Each EMI covers part of the interest and part of the loan amount.

How is EMI calculated?

Banks use the formula EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate (yearly rate ÷ 12 ÷ 100) and n is the number of months. This calculator uses the same formula.

Why is most of my early EMI going to interest?

Interest is charged on the balance still owed. At the start the balance is highest, so more of each EMI goes to interest. As the balance falls, more of each EMI repays the loan itself. Open the year-by-year schedule to see this.

Does a longer tenure reduce my EMI?

Yes, a longer tenure lowers the monthly EMI, but you pay interest for more months, so the total interest goes up. Try both in the calculator to see the difference.

Will my bank's EMI exactly match this?

It should be very close. Small differences can come from the bank's rounding, the date your loan starts, or charges such as processing fees and insurance, which are not part of the EMI formula. Your loan agreement has the final figure.

Is this calculator free?

Yes, completely free with no sign-up. Nothing you enter is sent anywhere; the calculation happens on your device.

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