EMI Calculator

Know exactly what you'll pay. Calculate monthly EMI, total interest, and see your payment schedule.

Loan Details

20,00,000
8.5 %
10 Years

Monthly EMI

0

Total Interest

0

Total Payable

0

Amortization Schedule (Year-wise)

Year Principal Paid Interest Paid Total Payment Balance

EMI Calculator – Compute Your Monthly Loan Installment

Use our free EMI Calculator to instantly estimate your monthly loan EMI (home, car, personal) based on principal, interest rate, and tenure. India-specific, easy & accurate.

EMI Calculator (India)

Welcome to our EMI Calculator India. Use this free tool to compute your monthly installment (EMI) quickly and accurately for home, car, personal or other loans based on principal, interest rate, and tenure.

What is EMI & Why Use an EMI Calculator

EMI stands for Equated Monthly Installment. When you borrow a loan, the bank divides your repayment into equal monthly payments, combining interest + principal, over the loan tenure. Instead of manual math or guesswork, an EMI calculator helps you evaluate how much you’ll pay each month. This is essential for planning your budget before you take a loan. :contentReference[oaicite:0]{index=0}

EMI Formula & Underlying Math

The standard formula used is:

EMI = [P × r × (1 + r)^n] / [(1 + r)^n – 1]

Where:

  • P = principal loan amount
  • r = monthly interest rate (annual rate ÷ 12 ÷ 100)
  • n = total number of installments (loan tenure in months)

For example, if you borrow ₹10,00,000 at 7.2% p.a. for 120 months, EMI = ₹11,714 approximately. :contentReference[oaicite:1]{index=1}

How to Use This Tool – Step by Step

  1. Enter the **loan amount** (principal) you intend to borrow.
  2. Enter the **annual interest rate** (for example, 7.5%, 9%).
  3. Enter the **tenure** (in years or months, convert internally to months).
  4. Click “Calculate” to see your EMI, total interest payable, and total payment amount.
  5. You can adjust the inputs to compare different scenarios.

Breakdown: Principal vs Interest & Amortization

Every EMI payment consists of two parts:

  • Interest portion: calculated on the outstanding principal.
  • Principal portion: the rest goes toward reducing the loan balance.

In early months, interest share is higher; later, principal share increases. An amortization schedule shows this shift over each payment period.

Example Calculations / Scenarios

Example 1: Loan = ₹50,00,000, Rate = 8% p.a., Tenure = 20 years (240 months)

  • EMI ≈ ₹41,735
  • Total interest payable = EMI × 240 – 50,00,000
  • Total repayment = Principal + interest

Example 2: Loan = ₹10,00,000, Rate = 9% p.a., Tenure = 5 years (60 months)

  • EMI ≈ ₹20,753
  • Total repayment = ₹20,753 × 60 = ₹12,45,180 (interest ≈ ₹2,45,180)

Tips to Reduce EMI or Overall Interest

  • Extend the loan tenure—but be careful: longer tenure means more interest overall.
  • Try paying part prepayments / lumpsum early to reduce outstanding principal.
  • Negotiate a lower interest rate with lenders, especially after some years.
  • Switch to a shorter tenure if your income rises—helps reduce interest burden.

Limitations & Things to Watch Out For

  • EMI is fixed only under **fixed interest rate** loans. Under floating rate, EMI may change. :contentReference[oaicite:2]{index=2}
  • Prepayment penalties or processing fees are not included in this calculation.
  • Taxes, insurance, or other charges are not part of EMI — real cost may be higher.
  • Your credit score, bank policies, and loan structure can affect final terms.

Frequently Asked Questions (FAQ)

How is EMI different from simple interest?

Simple interest is computed on the original principal only. EMI is based on reducing balance: each payment reduces principal, and interest is calculated on the remaining balance.

Can EMI remain fixed for floating-rate loans?

Sometimes lenders keep EMI fixed and adjust tenure or components, but in many floating rate loans, EMI may change when interest rates shift.

What is amortization schedule?

It’s a table showing every EMI breakdown: interest part, principal part, and remaining loan balance after each payment.

Does EMI consider prepayments / part payments?

No — this basic tool calculates on the original schedule. Prepayments or extra payments must be handled separately (if your lender allows it).

When should I use this EMI calculator?

Before taking a loan—use it to plan your monthly budget, compare loan plans, and gauge how changes in interest rate or tenure affect your payment.

Related Tools & Links

Disclaimer: This EMI Calculator is for informational purposes only. The calculations are based on your inputs and standard formulas and do not account for processing fees, taxes, or lender-specific variations. Always verify with your lender before making financial decisions.

Last updated: October 2025