EMI Calculator

What Is an EMI Calculator?

An EMI (Equated Monthly Installment) calculator estimates the fixed monthly payment required to repay a loan — such as a home loan, car loan or personal loan — over a chosen tenure at a given interest rate. Each EMI includes both a principal and an interest component.

Why EMI Stays the Same Each Month

Lenders design EMIs so the total payment is identical every month, even though the mix of principal and interest changes over time: early payments are interest-heavy, while later payments repay more principal.

Worked examples

Borrow 300,000 at 8.5% a year for 20 years (240 monthly payments): monthly EMI 2,603.47, total interest 324,832.73, and total repayment 624,832.73. All amounts use the same currency.

Keep the same amount and rate but choose 10 years: EMI rises to 3,719.57, while total interest falls to 146,348.48. The lower monthly payment in the first example comes with more interest.

At 0% interest, a 12,000 loan over 12 months costs 1,000 per month with no interest.

Formula / Calculation Method

EMI = [P × r × (1 + r)ⁿ] ÷ [(1 + r)ⁿ − 1], where P = loan principal, r = monthly interest rate (annual rate ÷ 12 ÷ 100), and n = number of monthly installments.

How to Use This Tool

Enter the loan amount you plan to borrow.
Enter the annual interest rate offered by your lender.
Enter the loan tenure and choose years or months.
Click Calculate EMI to see your monthly payment, total interest and total repayment.

Common Use Cases

Compare shorter and longer terms for the same loan

Estimate a monthly repayment budget

Check how a fixed-rate quote changes when the rate changes

What this estimate includes

The rate stays fixed for the entire term, payments occur monthly at the end of each period, and the first payment is due after one month. The loan is fully repaid with no balloon payment. Enter a term that gives a whole number of months; 1.5 years means 18 payments.

Before comparing a lender offer

Use the contractual annual interest rate, not a flat-rate quote or an APR that includes fees. Processing fees, insurance, late charges, rate resets, prepayments, and daily interest conventions are outside this model. Totals use the unrounded EMI; multiplying the displayed rounded EMI by the number of months may differ by a small amount.

The currency selector changes the symbol only. It does not convert exchange rates. Compare loan offers using the same currency and term, and check the lender’s repayment schedule for the final amount.

Frequently Asked Questions

Is this EMI figure exactly what my bank will charge?

This is an estimate based on standard reducing-balance EMI math. Your actual EMI may differ slightly due to processing fees, rounding conventions, or a lender's specific interest calculation method.

Does a longer tenure reduce my EMI?

Yes — spreading the same loan over a longer tenure lowers the monthly EMI, but increases the total interest paid over the life of the loan.

What happens if the interest rate is 0%?

With a 0% rate, the EMI is simply the loan amount divided evenly by the number of months.