EMI Calculator

Find the monthly instalment on a loan, then see how much of your payment is interest.

Enter the values and press Calculate.

Your result will show here.

About this calculator

An equated monthly instalment is the fixed amount a lender collects so that a loan and its interest are cleared over an agreed tenure. Indian home loans, car loans, and personal loans usually charge interest on the outstanding principal. Early instalments contain more interest. Later instalments contain more principal.

Divide the yearly rate by 12 to get the monthly rate, and multiply the years by 12 to get the number of instalments. The formula then gives one EMI that stays the same if the rate stays the same.

To pay less interest, borrow less, negotiate the rate, or choose a shorter tenure you can still afford. Prepayment reduces the balance if the lender allows it. Compare the total interest, not only the monthly figure, when two offers look similar.

Use the related SIP and FD calculators when you are comparing a loan with money you could invest instead. Use the salary calculator if you want to see whether the EMI fits the take-home pay.

EMI formula

EMI = P × r × (1 + r)^n / ((1 + r)^n − 1)

P is the loan amount.
r is the monthly interest rate (yearly rate ÷ 12 ÷ 100).
n is the number of monthly instalments.

If the interest rate is 0, EMI is P ÷ n.

Example: ₹10 lakh for 20 years

A loan of ₹10,00,000 at 9% a year for 20 years.

Monthly EMI is ₹8,997.26. Total interest is ₹11,59,342.29. Total payment is ₹21,59,342.29.

The interest is larger than the amount borrowed because the loan runs for 20 years. Shortening the tenure raises the EMI and cuts that interest. The 9% figure is an illustration, not a bank quote.

₹10 lakh at 9% for 20 years

See the worked EMI above.

₹8,997.26

How to use

Enter the loan amount you will actually borrow, after any down payment.
Enter the yearly interest rate from the sanction letter, not a headline teaser rate.
Enter the tenure in years and extra months.
Press Calculate and read the monthly EMI before you scroll on.
Use the year-wise table to see how quickly the balance falls.

Important notes

This is the standard reducing-balance EMI used by most banks and NBFCs.
It does not add processing fees, insurance, or a moratorium.
A floating rate will change the EMI or the tenure when the rate is reset.
A longer tenure lowers the EMI and raises the total interest.

FAQ

What does EMI include?

The EMI here is principal plus interest on a reducing balance. It does not include processing fees, legal charges, or insurance.

Why is the total interest so high on a long loan?

Interest is charged every month on the balance that is still unpaid. A 20-year loan gives that balance a long time to attract interest, even though each month’s EMI feels smaller.

Does a higher down payment change the EMI?

Yes. The EMI is calculated on the amount you borrow. A larger down payment means a smaller principal and a smaller EMI at the same rate and tenure.

Can I use this for a home loan and a personal loan?

Yes. Enter the rate and tenure from that loan. Personal-loan rates are often higher and tenures shorter than home-loan rates. The formula is the same.

Disclaimer

Results are estimates for general information. Verify important decisions with an appropriate professional or official source. A lender’s offer, fees, and floating-rate reset can differ from this figure.

Last updated 5 October 2026.

Related