EMI calculator
Find your monthly loan instalment (EMI) and see exactly how much interest you'll pay over the loan.
How it works
How to use the EMI Calculator tool
- 1
Enter the loan amount
Type the amount you want to borrow or drag the slider.
- 2
Set interest rate and tenure
Enter the annual interest rate and the loan duration in years or months.
- 3
Review your EMI
See the monthly EMI, total interest, a yearly breakdown chart and the full repayment schedule.
The EMI formula
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments.
Example: a loan of 10,00,000 at 8.5% per year for 20 years (240 months) has r = 0.0070833, giving an EMI of about 8,678. Over the full term you'd pay about 10,82,776 in interest.
How your EMI is split
Every EMI is the same amount, but its make-up changes. Early on, most of each payment goes to interest because the outstanding balance is high. As the balance falls, more of each EMI pays down the principal. The amortization schedule shows this month by month, which helps when you're planning prepayments.
Ways to reduce total interest
A shorter tenure raises the EMI but cuts total interest sharply. Part-prepayments early in the loan have the biggest effect, and even a 0.5% lower rate makes a noticeable difference on long home loans. Try the numbers above to compare.
Limitations
We’d rather be upfront about what this tool can’t do yet:
- Assumes a fixed interest rate for the whole tenure. Floating-rate loans will change over time.
- Processing fees, insurance and taxes charged by lenders aren't included.
- Results are estimates for planning. Your lender's figures may differ slightly due to rounding and payment dates.
FAQ
Frequently asked questions
What is EMI?
Does a longer tenure reduce my EMI?
Can I use this for car loans and personal loans?
Can I download the repayment schedule?
Keep going