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EMI Calculator

Work out the monthly EMI, total interest and total payment for a home, car or personal loan, with a full repayment schedule.

Loan details

The amount you borrow, up to ₹100 crore.

The yearly rate from 0 to 50%, on the reducing balance.

From 1 month to 40 years.

First EMI month (optional)

Adds the month to each EMI in the schedule, and the yearly view then follows calendar years.

Assumes a fixed rate on the reducing balance, with one EMI at the end of each month. Processing fees, insurance and prepayments are not included.

Your EMI

Monthly EMI

—

Enter the loan amount, interest rate and tenure.

Loan totals
Principal amount —
Total interest —
Total payment principal + interest —
Principal
—
Interest
—

How it is calculated

EMI = P × r × (1 + r)^n
      ÷ ((1 + r)^n − 1)
P   = loan amount
r   = yearly rate ÷ 12 ÷ 100
n   = number of months

Repayment schedule

Each month's interest is the balance still owed × the monthly rate, rounded to the paisa. The rest of the EMI repays principal, and the last EMI is adjusted so the loan closes at exactly ₹0.

Enter the loan amount, interest rate and tenure to see the schedule.

Runs entirely in your browser. Your files and text are not uploaded.

How to use EMI Calculator

  1. Step 1: Enter the loan details

    Type the loan amount, the yearly interest rate and the tenure in years or months.

  2. Step 2: Read your EMI

    The EMI, total interest and total payment update as you type, with the share of principal and interest.

  3. Step 3: Check the schedule

    Switch between the monthly and yearly schedule, add the first EMI month for dates, and download it as a CSV file.

How the EMI is calculated

An EMI (equated monthly instalment) is the fixed amount you pay every month until a loan is repaid. It comes from the standard reducing-balance formula:

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

  • P is the loan amount (the principal).
  • r is the monthly interest rate: the yearly rate ÷ 12 ÷ 100. A 9% loan has r = 0.0075.
  • n is the number of monthly instalments: 20 years is 240 months.

At 0% interest the EMI is simply P ÷ n.

Each month, interest is charged on the balance you still owe, and the rest of the EMI repays principal. Early EMIs are mostly interest; as the balance falls, more of each EMI goes towards the principal.

Worked example

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

  • r = 9 ÷ 12 ÷ 100 = 0.0075 and n = 240, so (1 + r)^n ≈ 6.009152.
  • EMI = 10,00,000 × 0.0075 × 6.009152 ÷ 5.009152 ≈ ₹8,997.26.
  • In the first month, ₹7,500 of the EMI is interest and only ₹1,497.26 repays principal.
  • Over 240 months you pay about ₹21,59,342, of which ₹11,59,342 is interest: more than the amount borrowed.

Reducing balance or flat rate

The formula above charges interest only on the balance still owed, which is how most bank home, car and personal loans work. Some lenders quote a flat rate instead, where interest is charged on the full original amount for the whole tenure. That costs much more. ₹10,00,000 at a 9% flat rate for 5 years means ₹4,50,000 of interest and an EMI of ₹24,166.67. A 9% reducing-balance loan over the same 5 years has an EMI of ₹20,758.36 and about ₹2,45,501 of interest. Compare loans by their reducing-balance rate, and ask the lender for the total cost including fees.

How a prepayment helps

A prepayment is an extra payment towards the principal. It lowers the balance on which every later month's interest is charged, so it saves interest for the rest of the loan. Lenders usually let you keep the same EMI and finish sooner, or keep the same end date and pay a lower EMI. Keeping the EMI and shortening the tenure normally saves more interest, and prepaying early in the loan, when the balance is highest, makes the biggest difference. Check your loan agreement for prepayment charges first.

How the schedule is rounded

The schedule works in paise, as a lender's statement does. Each month's interest is rounded to the nearest paisa, and the last EMI is adjusted by a few paise or rupees so that the loan closes at exactly ₹0. The totals are the sums of the rows, so the table always adds up.

Treat the results as estimates. Lenders may round the EMI to the nearest rupee, charge interest from the day the loan is paid out, or add processing fees and insurance, so check the figures in your sanction letter.

Limitations

  • The interest rate is assumed to stay the same for the whole tenure. On a floating-rate loan the lender changes your EMI or tenure when the rate changes.
  • One EMI is assumed at the end of each month, with interest charged monthly on the reducing balance. Some lenders charge interest daily, or charge broken-period (pre-EMI) interest before the first EMI.
  • Processing fees, insurance, taxes on fees, late-payment charges and prepayments are not included.
  • Lenders may round the EMI to the nearest rupee, so their figures can differ by a few rupees.
  • At very high rates over long tenures, or for very small loans, rounding each month to the paisa can change the last EMI a lot. The calculator warns you when this happens.
  • The numbers you type are not saved or sent anywhere. Refreshing the page clears them.

Frequently asked questions

What is an EMI?

An equated monthly instalment is the fixed amount you pay a lender every month. It covers that month's interest on the balance you still owe, and the rest repays part of the loan, so the balance reaches zero at the end of the tenure.

Why does most of my early EMI go towards interest?

Interest is charged on the outstanding balance, which is highest at the start. On a ₹10,00,000 loan at 9%, the first month's interest is ₹7,500 of an EMI of ₹8,997.26. As you repay principal, the interest part shrinks and the principal part grows.

Does a longer tenure make a loan cheaper?

It lowers the EMI but raises the total interest. ₹10,00,000 at 9% costs ₹20,758.36 a month and about ₹2,45,501 in interest over 5 years, but ₹8,997.26 a month and about ₹11,59,342 in interest over 20 years.

After a prepayment, should I reduce the EMI or the tenure?

Keeping the same EMI and shortening the tenure usually saves more interest, because the higher payment keeps paying down the principal faster. Reducing the EMI gives you more room in your monthly budget. This calculator does not model prepayments, so ask your lender for a revised schedule.

What is the difference between a flat rate and a reducing balance rate?

A flat rate charges interest on the original loan amount for the whole tenure, even as you repay it. A reducing balance rate charges interest only on what you still owe. The same percentage costs much more as a flat rate, so compare loans on a reducing-balance basis.

Why is my bank's EMI slightly different?

Banks may round the EMI to the nearest rupee, calculate interest daily, charge interest for the days between disbursement and the first EMI, or add fees and insurance to the loan. Your sanction letter or loan agreement has the exact figures.

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