Use this free online EMI calculator to work out the monthly installment on your home, car, or personal loan in seconds. Enter the loan amount, annual interest rate, and tenure to instantly see your monthly EMI, total interest payable, and total repayment.
How to Use the EMI Calculator
Enter the loan amount in the "Loan Amount (₹)" field.
Enter the "Annual Interest Rate (%)" charged by your lender.
Enter the "Loan Tenure (months)" over which you'll repay the loan.
Click "Calculate EMI" to view your Monthly EMI, Total Interest Payable, and Total Payment.
The EMI Formula Explained
An EMI (equated monthly instalment) is a fixed amount that repays both the interest and the loan itself over the tenure. Indian banks and NBFCs calculate it on a reducing balance, which means interest each month is charged only on the principal still outstanding. The calculator uses the same formula:
EMI = P × R × (1 + R)^N ÷ ((1 + R)^N − 1)
P: the loan amount in rupees.
R: the monthly interest rate, which is the annual rate ÷ 12 ÷ 100. An annual rate of 12% becomes 0.01.
N: the number of monthly instalments. Enter the tenure in months, so a 5-year loan is 60 and a 20-year loan is 240.
Worked Example
Take a personal loan of ₹5,00,000 at 11% a year for 36 months. The monthly rate is 11 ÷ 12 ÷ 100 = 0.009167. Putting this into the formula gives an EMI of about ₹16,369.36. Over 36 months you pay ₹5,89,296.91 in total, of which ₹89,296.91 is interest.
In the first month, interest on the full ₹5 lakh is 5,00,000 × 0.009167 = about ₹4,583, so only about ₹11,786 of the first EMI reduces the loan. Each month the outstanding balance falls, the interest portion shrinks and more of the same EMI goes towards principal. To see this month by month, use the Amortization Calculator.
EMI for Every ₹1 Lakh Borrowed
The table gives the approximate monthly EMI per ₹1,00,000 of loan. Multiply by the number of lakhs you plan to borrow for a quick estimate. For example, a ₹30 lakh home loan at 8.5% for 20 years costs about 30 × ₹868 = ₹26,040 a month.
Annual rate
1 year
3 years
5 years
10 years
20 years
8.5%
₹8,722
₹3,157
₹2,052
₹1,240
₹868
9.5%
₹8,768
₹3,203
₹2,100
₹1,294
₹932
11%
₹8,838
₹3,274
₹2,174
₹1,378
₹1,032
13%
₹8,932
₹3,369
₹2,275
₹1,493
₹1,172
15%
₹9,026
₹3,467
₹2,379
₹1,613
₹1,317
Notice how stretching the tenure lowers the EMI less and less. Going from 10 to 20 years at 8.5% cuts the EMI by about 30% but more than doubles the interest you pay.
Using the Result Wisely
Many lenders look for total EMIs, including the new one, to stay within roughly 40% to 50% of your monthly take-home pay. Staying well below that leaves room for savings and emergencies.
The result covers interest only. Processing fees, GST on those fees and any insurance added to the loan increase the real cost, so compare the APR in the lender's Key Fact Statement.
For floating-rate home loans, the rate can change when the lender's benchmark moves. Banks often keep the EMI the same and extend the tenure instead, so recheck the numbers whenever your rate changes.
Part-prepayments early in the loan save the most interest, because that is when the outstanding balance, and therefore the interest charged on it, is highest.
Frequently Asked Questions
It uses the standard reducing-balance 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 loan tenure in months.
Yes. When the annual interest rate is 0, the calculator simply divides the loan amount by the tenure in months to give you an equal monthly installment with no interest component.
Interest is charged on the outstanding balance, which is highest at the start of the loan. As you repay principal, the interest portion of each EMI falls and the principal portion rises, even though the EMI itself stays the same.
Reducing the tenure usually saves more interest, because you stop paying sooner. Reducing the EMI eases your monthly budget instead. If you can afford the existing EMI, keeping it and shortening the tenure is generally cheaper.
It should be very close. Small differences can arise because some lenders round the EMI up to the next rupee, calculate interest on a daily basis, or charge broken-period interest for the days between disbursement and the first EMI date.