EMI Calculator
Work out your monthly loan instalment, total interest, and full repayment schedule for a home, car, personal, or education loan — right in your browser.
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Understanding Your Loan EMI
An EMI, or Equated Monthly Instalment, is the fixed amount you repay to a lender every month until a loan is fully cleared. Each instalment is split between two parts: interest on the outstanding balance, and repayment of the principal itself. In the early months of a loan, interest makes up the bulk of the payment; as the balance shrinks, more of each EMI goes toward the principal.
This calculator uses the standard reducing-balance method that Indian banks and NBFCs apply to home loans, car loans, and personal loans. Adjust the loan amount, interest rate, and tenure above, and the EMI, total interest, and month-by-month schedule update instantly — no data is sent anywhere, the whole calculation happens in your browser.
Tips to lower your interest outgo
- Make a larger down payment to shrink the principal you borrow.
- Choose the shortest tenure your monthly budget can comfortably absorb.
- Make occasional prepayments when you have surplus cash.
- Compare rates across at least three lenders before signing.
What this tool doesn't do
It doesn't account for processing fees, prepayment penalties, insurance add-ons, or floating-rate changes over time — factors that vary by lender. Treat the numbers here as a close estimate for planning, and confirm the exact figures with your bank before signing loan documents.
Frequently Asked Questions
How is EMI calculated?
EMI follows the reducing-balance formula: EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1), where P is the principal, r is the monthly interest rate, and n is the number of months.
Does a longer tenure reduce my EMI?
Yes — spreading the same loan over more months lowers the monthly payment, but you'll pay more total interest over the life of the loan.
Can I use this for home, car, or personal loans?
Yes. The math behind EMI is the same for every loan type; only the typical interest rate and tenure differ.