EMI calculator
Estimate the monthly instalment on a home loan, car loan, personal loan, or education loan. Enter the amount, yearly interest rate, and tenure to see the EMI, total interest, and total amount payable.
What is an EMI?
EMI stands for equated monthly instalment. It is the fixed amount you pay the lender every month until the loan is cleared. Each EMI has two parts: interest on the outstanding balance, and principal repayment. Early EMIs are mostly interest. Later EMIs are mostly principal, because the balance used to calculate interest keeps falling.
How the EMI is calculated
This page uses the standard reducing-balance formula used by most Indian banks:
EMI = P × r × (1 + r)n / ((1 + r)n − 1)
- P — loan amount, or principal
- r — monthly interest rate (yearly rate ÷ 12 ÷ 100)
- n — number of monthly instalments
A longer tenure lowers the EMI and raises the total interest. A shorter tenure does the opposite. The calculator does not add processing fees, GST on fees, insurance, or a later change in a floating rate.
Worked example
On a ₹10,00,000 loan at 8.5% a year for 20 years, the formula gives a monthly EMI of about ₹8,678. Over 240 months the total interest is higher than the amount borrowed, which is normal on a long home loan. Type those figures below to see the exact split this calculator uses.
Calculate your EMI
Monthly EMI:
Principal:
Total interest:
Total amount payable:
Number of EMIs:
Month-wise repayment schedule
| Month | Principal | Interest | EMI | Outstanding balance |
|---|
EMI calculator questions
Does this EMI include processing fees?
No. The figure is only principal and interest on a fixed rate. Bank processing fees, GST on those fees, and insurance premiums are extra and are usually paid upfront or added to the loan.
Will a floating-rate loan stay at this EMI?
Not always. If the benchmark rate changes, the bank can raise the EMI, extend the tenure, or both. Recalculate when the rate changes.
Does a longer tenure always cost more?
The monthly payment falls, but total interest usually rises because the principal stays outstanding for more months. Compare a 15-year and a 20-year run in the form to see the difference.
Is this the same as a flat-rate EMI?
No. Flat-rate quotes calculate interest on the original principal for the full tenure, then split it. This calculator uses reducing balance, which is what housing and most retail loans in India use. A flat rate looks cheaper than it is.
Disclaimer
This calculator is for general illustration only. It is not a loan offer, sanction, or financial advice from a bank or lender. The EMI shown uses a fixed reducing-balance formula and does not include processing fees, GST, insurance, prepayment charges, or a change in interest rate.
Actual instalments can differ if the loan is on a floating rate, if the bank uses a different rounding method, or if the tenure or amount changes. Confirm the rate, fees, and repayment schedule with the lender before you borrow.
