Finance & Money

Loan EMI Calculator

An EMI (Equated Monthly Instalment) is the fixed amount you pay every month toward a loan until it's fully repaid — part of it goes toward interest and part toward the principal, and that mix shifts over the life of the loan even though the instalment itself stays constant. This calculator uses the same reducing-balance formula banks and NBFCs use, so you get a realistic monthly payment for a home loan, car loan, personal loan or education loan before you apply.

Beyond the monthly figure, it also shows the total interest you'll pay over the full tenure and the total amount repaid (principal + interest), which is often the more useful number for comparing two loan offers with different rates or tenures.

Loan amount (₹)

Annual interest rate (%)

Loan tenure

Tenure unit

Enter loan details to see your EMI.

How to use the Loan EMI Calculator

Enter the loan amount (principal) you plan to borrow.
Enter the annual interest rate offered by the lender.
Enter the loan tenure in years or months.
View your monthly EMI, total interest payable and total repayment amount instantly.

The EMI formula

EMI is calculated as:

EMI = P × r × (1 + r)^n / ((1 + r)^n − 1)

Where P is the principal loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of monthly instalments (tenure in years × 12).

Total interest payable = (EMI × n) − P, and total payment = EMI × n.

Frequently asked questions

Does a longer tenure always mean I pay more interest?

Usually yes. A longer tenure lowers your monthly EMI because repayment is spread over more months, but it increases the total interest paid over the life of the loan since interest keeps accruing on the outstanding balance for longer.

Does this include processing fees or insurance?

No. This calculator computes the pure EMI based on principal, rate and tenure using the standard reducing-balance formula. Processing fees, prepayment charges, insurance premiums and other lender-specific costs are not included and should be checked separately in your loan offer.

What's the difference between flat rate and reducing balance interest?

In reducing-balance interest (used here and by nearly all Indian banks for EMI-based loans), interest is charged only on the outstanding principal, which shrinks every month. A flat rate charges interest on the full original principal for the entire tenure, which usually results in a higher effective interest cost.

Can I use this for a car loan or personal loan, not just a home loan?

Yes — the EMI formula is identical for home loans, car loans, personal loans and education loans. Just enter the specific principal, rate and tenure for that loan.