EMI Calculator
Calculate your monthly EMI for any loan — home, car, personal, or education.
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EMI Calculator
Use the formula and worked example below to calculate manually.
Overview
An EMI (Equated Monthly Instalment) calculator tells you exactly how much you will pay every month on any loan — home, car, personal, or education — based on the principal, interest rate, and tenure.
How to use this calculator
- Enter the loan amount (principal).
- Enter the annual interest rate.
- Set the loan tenure in years or months.
- The calculator displays the monthly EMI, total interest payable, and total amount payable.
Understanding the inputs & results
Principal
The amount you borrow from the lender.
Interest rate (p.a.)
The annual rate of interest charged by the lender on the outstanding loan balance.
Tenure
The duration over which you repay the loan in monthly instalments.
EMI
Equated Monthly Instalment — the fixed amount you pay every month comprising both principal repayment and interest.
Total interest payable
Total interest charged over the full tenure: (EMI × months) − Principal.
Total amount payable
Principal + Total interest — the full amount you repay to the lender.
The formula
EMI formula
EMI = P × r × (1 + r)^n / ((1 + r)^n − 1)
P is the loan principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly instalments (tenure in years × 12).
Worked example
₹10 lakh loan at 9% p.a. for 5 years.
- r = 9 / 12 / 100 = 0.0075; n = 60.
- EMI = 10,00,000 × 0.0075 × (1.0075)^60 / ((1.0075)^60 − 1) ≈ ₹20,758.
- Total paid = ₹20,758 × 60 = ₹12,45,480.
- Total interest = ₹12,45,480 − ₹10,00,000 = ₹2,45,480.
✓ EMI ≈ ₹20,758. Total interest ≈ ₹2.45 lakh over 5 years.
Frequently asked questions
Tips & things to know
- Compare EMIs across lenders by changing the interest rate — even 0.5% can save a significant amount over the loan period.
- Prepay whenever you have a surplus to cut the total interest burden.
EMI shown is an estimate. Actual EMI may differ based on lender processing fees, GST, and rounding. Confirm with your lender before signing.