EMI Calculator
Calculate your EMI, total interest, and payable amount instantly to plan your finances better.
Loan Details
How is EMI calculated?
For a standard reducing-balance loan, the monthly EMI is calculated with this formula:
EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1)
- P is the loan amount (principal).
- r is the monthly interest rate, which is the annual rate ÷ 12 ÷ 100.
- n is the number of monthly instalments (tenure in months).
Worked example
This is an illustration with sample numbers, not a lender offer. For a loan of ₹5,00,000 at a sample rate of 10% per year over 5 years (60 months):
| Monthly EMI | ₹10,624 |
|---|---|
| Total interest | ₹1,37,411 |
| Total payment | ₹6,37,411 |
What changes your EMI?
- Loan amount: a higher amount means a higher EMI at the same rate and tenure.
- Interest rate: a higher rate increases both the EMI and the total interest.
- Tenure: a longer tenure lowers the EMI but increases the total interest paid.
- Rate type: with a floating rate, your EMI or tenure may change when the lender’s rate changes.
For secured loans such as a home loan or a loan against property, the lender also values the property, which affects how much you can borrow. The EMI itself is calculated the same way.
How to use the EMI calculator
- Set the loan amount using the slider or by typing a value.
- Enter the interest rate quoted by your lender.
- Choose the tenure in years or months.
- Read the monthly EMI, total interest and total payment, then adjust the values to compare options.
EMI calculator FAQs
What is an EMI?
EMI stands for equated monthly instalment. It is the fixed amount you pay every month towards a loan, and it covers part of the principal and part of the interest.
How is EMI calculated?
For a standard reducing-balance loan, 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.
Does a longer tenure reduce my total interest?
No. At the same interest rate, a longer tenure lowers the monthly EMI but increases the total interest you pay over the life of the loan.
Is the calculator result exact?
The result is an estimate based on the amount, rate and tenure you enter. Your lender's actual schedule can differ because of processing fees, other charges, rounding and the way it applies interest.
Can I use this calculator for any type of loan?
It suits standard EMI loans such as personal, home, vehicle, education and business term loans. Products such as overdrafts work differently because interest is usually charged on the amount used.
Explore loans and tools
- Personal loan
- Home loan
- Loan against property
- Business loan
- Vehicle loan
- Education loan
- Debt consolidation calculator
The calculator gives an estimate for information only. Final EMI, interest rate, fees and terms are decided by the lender.