TOOLS · EMI CALCULATOR
Work out your monthly EMI in seconds.
Enter your loan amount, interest rate, and tenure to see your monthly EMI, total interest, and total payment — for home loans, car loans, or any other loan.
What EMI Means
EMI stands for Equated Monthly Installment — the fixed amount you pay a lender every month until a loan is fully repaid. Each payment is a mix of principal (the amount you actually borrowed) and interest, and that mix shifts over time: early payments are mostly interest, later payments are mostly principal, even though the total EMI amount stays the same throughout.
How It's Calculated
This calculator uses the standard reducing-balance formula: EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is the loan amount, r is the monthly interest rate (your annual rate divided by 12), and n is the number of months. It's the same formula banks and loan calculators use, so the numbers you see here should match what a lender quotes for the same inputs.
Common Uses
- Comparing how a different interest rate or loan tenure changes your monthly payment before you commit.
- Working out total interest paid over the life of a home loan, car loan, or personal loan.
- Planning a budget around a fixed monthly payment before applying for a loan.
Frequently Asked Questions
Does this account for prepayment or foreclosure?
No — this calculates a standard EMI schedule assuming you pay the same amount every month for the full tenure. Prepaying part of the loan partway through would reduce the outstanding principal and change the remaining schedule, which isn't modeled here.
Does it use a fixed or floating interest rate?
The calculation assumes a fixed rate for the full tenure. If your loan has a floating rate, your actual EMI can change over time as the rate changes — treat this as a snapshot based on today's rate.
Does the EMI include processing fees or other charges?
No, this is purely the principal-and-interest EMI based on loan amount, rate, and tenure. Processing fees, insurance, and other charges some lenders add are separate from this number.