EMI Calculator
Calculate your monthly EMI for a home, car, or personal loan. Free, instant, no sign-up.
Monthly EMI
₹8,997
for 240 months
₹11,59,342
Total Interest
₹21,59,342
Total Payment
This is an estimate based on the standard reducing-balance EMI formula. Your actual EMI may vary slightly depending on your lender's processing fees, exact disbursement date, and rate type.
An EMI (Equated Monthly Installment) is the fixed amount paid each month toward a loan, covering both principal and interest, until the loan is fully repaid. Lenders calculate it using a standard reducing-balance formula, which means the interest portion is highest in the early months and gradually decreases as the outstanding principal shrinks, even though the total EMI amount itself stays constant.
This calculator uses that same formula — EMI = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the loan amount, r is the monthly interest rate, and n is the number of months — to show the monthly payment, total interest paid over the loan's life, and the total amount repaid.
It works for any type of loan that uses standard EMI repayment: home loans, car loans, personal loans, or education loans. All the math runs locally in your browser — the loan amount and rate you enter are never sent anywhere.
Step-by-step instructions
- 1
Enter the loan amount
The total principal you're borrowing.
- 2
Enter the annual interest rate
The rate your lender is offering, as a percentage per year.
- 3
Enter the loan tenure in years
How long you'll be repaying the loan.
- 4
Read the results
See the monthly EMI, total interest over the loan term, and the total amount you'll repay.
Common use cases
Comparing loan offers from different lenders
Quickly see how a different interest rate or tenure changes the monthly payment.
Budgeting before taking a home or car loan
Check whether a given EMI fits comfortably into monthly expenses before applying.
Understanding the total cost of a loan
See exactly how much interest adds up to over the full loan tenure, not just the monthly figure.
Testing how a shorter tenure changes total interest
Compare total interest paid at different tenures to see the trade-off between a higher EMI and a shorter loan.
Tips for best results
- A longer tenure lowers the monthly EMI but significantly increases the total interest paid over the life of the loan — it's worth comparing both figures, not just the EMI.
- This calculator gives an estimate using the standard formula; your actual EMI may differ slightly based on your lender's exact rate type (fixed vs floating), processing fees, and disbursement timing.
- Try a few different interest rates to see how sensitive your EMI is to rate changes, especially for floating-rate loans.
Frequently asked questions
What does EMI stand for?
Equated Monthly Installment — the fixed monthly amount paid toward a loan, covering both principal and interest.
Why does the EMI stay the same but interest decreases each month?
In reducing-balance EMI, interest is calculated on the outstanding principal, which shrinks with each payment — so more of each fixed EMI goes toward principal and less toward interest as the loan progresses.
Is this calculator accurate for all types of loans?
It works for any loan using standard reducing-balance EMI repayment (home, car, personal, education loans). Some loans use different structures, so always confirm the exact figure with your lender before signing.
Does this include processing fees or other charges?
No — this calculates the EMI based on principal, rate, and tenure only. Processing fees, insurance, or other charges some lenders add are not included.
Is my loan information stored anywhere?
No — the calculation happens entirely in your browser. Nothing you enter is sent to a server or saved.
How does a longer tenure affect total interest?
A longer tenure lowers the monthly EMI but increases the total interest paid over the loan's life, since interest accrues over more months — it's a trade-off between monthly affordability and total cost.