EMI Calculator
Find the equated monthly instalment (EMI) for any loan along with the total interest you will pay over the tenure and a year-by-year repayment schedule.
What is the EMI Calculator?
An EMI is the fixed amount you pay your lender every month until a loan is fully repaid. Each EMI contains two parts: interest on the outstanding balance and a repayment of principal. Early EMIs are mostly interest; later EMIs are mostly principal.
How does it work?
The calculator uses the standard reducing-balance formula used by Indian banks and NBFCs. Interest is charged monthly on the outstanding principal, so as you repay, the interest portion shrinks. The EMI is rounded to the nearest rupee and total payment is EMI × number of months.
Formula
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1)
P = loan amount, r = annual rate ÷ 12 ÷ 100, n = tenure in months
Example
A ₹50,00,000 loan at 8.5% for 20 years (240 months): r = 0.0070833. EMI = ₹43,391. Total payment = ₹43,391 × 240 = ₹1,04,13,840, so total interest = ₹54,13,840.
Frequently asked questions
Does a longer tenure reduce my EMI?
Yes, a longer tenure lowers the EMI but increases the total interest you pay, sometimes substantially. Compare a few tenures before deciding.
Is the EMI the same every month?
For a fixed-rate loan, yes. For floating-rate loans, lenders usually keep the EMI unchanged and adjust the tenure when rates change, unless you ask them to revise the EMI.
Does the EMI include processing fees or insurance?
No. Processing fees, insurance premiums and other charges are separate. Use the Home Loan or Personal Loan EMI calculators to include the processing fee.
What happens at 0% interest?
The EMI is simply the loan amount divided by the number of months, as in many no-cost EMI offers.
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